Voyager, the most talked-about crypto exchange of the past month is once again the object of contention among multiple companies and among them are CrossTower Inc. and CZ’s giant Binance.
Following its fate, FTX will no longer be able to pursue its acquisition of cryptocurrency lender Voyager.
The bidding contest that was fought on 27 September against Binance and CrossTower Inc. had seen Sam Bankman-Fried as the winner with a stake of $1.4 billion but as we know, truth is the daughter of time.
After the failure of SBF’s exchange, Voyager returned to the market and apparently, according to CoinDesk‘s findings, CZ has not stopped taking interest.
Crypto landscape: the fight to acquire Voyager
With the crypto market in the storm and FTX in bankruptcy, Voyager wanted to extricate itself from the affair and filed for legal protection to evade possible contagion and involvement in the affair.
The company chose to protect itself from the contagion of the buyer’s bankruptcy because it had invested small amounts in the company in the past and the fear that the incident would affect it and cause the value of its token VGX to plummet was very high.
The US company specifically wanted to cite more than 100,000 creditors and more than $10 billion in assets and liabilities so as to finally extricate itself by putting itself out of harm’s way for now.
In the meantime, VOYAGER Digital’s (VGX) native token is flying, jumping 55% on the day that CoinDesk broke the news of Binance’s interest in the platform, reaching 45 cents on the dollar.
The performance recorded last Thursday by VGX is the highest ever touched since October although to be fair in 2022 from January to today the token had certainly not shined by losing as much as 95% of its value on the market.
The leaked information is the fact that Binance US is preparing a new purchase proposal for Voyager.
Zhao confirmed the rumor on Thursday, stating in an interview:
“Binance.US will now make another offer for Voyager, as FTX is no longer able to deliver on that commitment.”
CZ also explained how it was possible that in the first bid a behemoth like Binance, which is the largest exchange platform in the world, could have been beaten out by FTX.
“I think the US national security concerns were rumors FTX spread to try to push us out of the bid. There was never any concern about our participation in the bid.”
CrossTower on the attack against Binance
However, that of Binance is not the only bid on the plate. Once again, Zhao will have to face a competitor that in this case answers to the name of CrossTower Inc.
In the wake of the FTX affair, Kapil Rathi, president of CrossTower Inc. draws on the experience for the future and tells Bloomberg that the company from here on out will only be interested in fully transparent and compliance-oriented companies.
Voyager Digital, despite its failure, remains a strategic asset for Tower CEO Stephen Ehrlich.
Meanwhile, Sam Bankman-Fried (SBF) will return in a public appearance to talk about FTX.
The meeting will take place on the 30th of this month and follows a formal apology made by the young entrepreneur recently that seems to have done nothing to calm tempers.
“I wish I had listened to those of you who saw and still see value in the platform, which was and is my belief as well.
Perhaps there is still a chance to save the company. I believe there are billions of dollars of genuine interest from new investors that could go into repaying customers. But I can’t promise it will happen, because it’s not my choice.
I am incredibly grateful for everything you have done for FTX over the years, and I will never forget it.”
This is an excerpt from the young man’s letter.
The current situation at FTX
Meanwhile, John Ray III, FTX’s bankruptcy trustee after the Chapter 11 filing opened the pandora’s box from which it emerged that the exchange was the parent company of more than 100 legal entities and corporations, subsidiaries and affiliates in 27 different regions of the world with which SBF handled malfeasance.
Despite the current market crisis, net of the various black swans (Three Arrows Capital, Luna, Celsius, FTX, etc..) it is still in a bear market with many world economies on the brink of a recession, this is the thought of Rathi, but that is precisely why now is the time to invest.
“The company has a good balance sheet despite the current negative market. We are in an ideal position to acquire entities that have a good number of customers and a good balance sheet so we are looking at different types of companies from an organic growth perspective.”
The company told Cointelegraph the following:
“We are working on a repurposed offer that we believe will be beneficial to Voyager customers and the crypto community at large. CrossTower has always been, and will continue to be, very community-centric.”
The company had previously invested a relatively small amount of capital in FTX ($3 million), but through the voice of Kristin Boggiano, CrossTower rules out that it was a large enough amount to impeach the good balance sheet they can boast.
Part of the new game to grab what’s left of FTX is blockchain-based venture capital firm Wave Financial.
“There is an opportunity in this market to provide a compliance-focused platform and to bring the transparency and trust that people are hoping for.”
Boggiano further told Cointelegraph.
In essence, Voyager Digital is what is referred to in soccer jargon as “the queen of the market,” or that company or player who catalyzes the market’s attention often to correct the trend in the league or to lay the groundwork for a future of great prospects.
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This article has been originally published at: https://en.cryptonomist.ch/2022/11/25/voyager-crypto-worlds-desire/