September 24, 2022

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

The Wall Street Journal, citing people familiar with the matter reports that Binance is willing to pay around $50 million to acquire Voyager’s assets, which is slightly more than the offer for FTX.

Voyager is auctioning the rest of its assets as part of a restructuring plan after she applied bankruptcy as a result of the bear market. Its financial woes worsened when crypto hedge fund Three Arrows Capital (3AC), one of its biggest borrowers, defaulted on a $650 million loan.

As Voyager goes through bankruptcy proceedings, FTX has set up a suggestion in July, which would give Voyager buyers the option of early cash-out without waiting for the process to be completed.

The exchange’s chief executive, Sam Bankman-Fried, says his firm’s proposal offers a better option for Voyager to resolve its insolvency.

“The goal of our joint proposal is to help establish a better way to deal with an insolvent crypto-business – a way that allows clients to get early liquidity and recover some of their assets without being forced to speculate on bankruptcy outcomes and take unilateral risks.”

Voyager at the end refused FTX’s buyout offer, saying the offer was a “low” offer that did not offer the best value for customers.

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