Cryptocurrency exchanges FTX, Binance and CrossTower are competing to amass beleaguered crypto lender Voyager Digital’s belongings out of chapter, in response to insider sources.
In keeping with particulars printed by former funding banker and angel investor Simon Dixon, the three exchanges are competing in an public sale to amass Voyager Digital, and have every proposed their very own phrases and situations for the acquisition. The small print, which had been additionally posted to Reddit, prompt that FTX and Binance have every proposed roughly $50 million in money for Voyager’s belongings, although Binance’s greenback quantity is increased. The money quantity would go towards “deficiency and different claims,” the supply mentioned.
IF THEY WANT YOU TO TAKE THE HIT PUSH FOR EQUITY TO FILL THE HOLE: https://t.co/ThslVDktYY – LATEST ON @investvoyager – 3 Bidders Compete in Voyager Digital Public sale With Completely different Approaches to Platform, Upside, Money Consideration
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 22, 2022
Underneath these plans, present Voyager prospects would obtain their professional rata share of crypto belongings and totally transition to the FTX and Binance platforms.
Then again, CrossTower has proposed conserving the present Voyager platform and app, which suggests current prospects don’t must transition to a brand new platform as soon as the deal is finalized. Underneath this plan, prospects would additionally obtain their professional rata shares of belongings. CrossTower’s acquisition plan would additionally see the alternate share its income with Voyager prospects for a number of years.
The sources that spoke with Dixon additionally revealed that regulation might play a big position in who wins the public sale as the UK’s Monetary Conduct Authority, or FCA, not too long ago warned FTX about working with out authorization. In the meantime, in the US, the Committee on International Funding could also be involved about permitting Binance to amass Voyager attributable to nationwide safety dangers.
Associated: Voyager Digital belongings public sale set for Sept. 13 after being rescheduled from August
Voyager Digital filed for Chapter 11 chapter in July, becoming a member of a rising checklist of centralized finance companies to implode throughout the bear market. On the time, Voyager defined that the Chapter 11 submitting was a part of a reorganization plan that may ultimately pave the way in which for purchasers to have the ability to reaccess their accounts.