June 10, 2023

Two of the world’s top crypto exchanges have reportedly submitted their bids to acquire the assets of crypto lender Voyager Digital.

The Wall Street Journal, citing people familiar with the matter Report That Binance is willing to pay about $50 million to take over Voyager’s assets, slightly more than what FTX bid.

Voyager is auctioning off its remaining assets as a part Reconstruction plan After filing it Bankruptcy Bear market results. Its financial woes worsened when crypto hedge fund Three Arrows Capital (3AC), one of its biggest borrowers, defaulted on a $650 million loan.

While Voyager was going through bankruptcy proceedings, FTX determined a offer In July it will give Voyager customers an option to cash out early without waiting for the process to complete.

The exchange’s CEO, Sam Bankman-Fried, said his firm’s proposal provides Voyager with a better option to deal with bankruptcy.

“The goal of our joint proposal is to help establish a better way to resolve a bankrupt crypto business – a way that doesn’t force customers to guess about the consequences of bankruptcy and allows them to recover a part of their assets. Risk.”

Finally Voyager rejection FTX’s buyout offer, says the offer was a “low-ball” bid that didn’t offer the best value for customers.

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