December 8, 2022

Two of the world’s leading cryptocurrency exchanges have reportedly submitted their bids for the assets of embattled crypto lender Voyager Digital.

Quoted from people familiar with the matter, The Wall Street Journal Reports That Binance is willing to pay around $50 million for the acquisition of Voyager’s holdings, which is slightly higher than what FTX has offered.

Voyager is auctioning off the remainder of its assets as part of a restructuring plan After being introduced to bankruptcy As a result of a bear market. Its financial problems were compounded when crypto hedge fund Three Arrows Capital (3AC), one of the largest borrowers, defaulted on a $650 million loan.

As Voyager is undergoing bankruptcy, FTX has identified a suggestion In July, it would give Voyager customers the option to withdraw funds early without waiting for the procedures to finish.

Sam Bankman-Fried, chief executive of the exchange, says his company’s proposal offers a better option for Voyager to deal with bankruptcy.

“The goal of our joint proposal is to help create a better way to solve insolvent crypto businesses — a way that allows clients to obtain early liquidity and recover a portion of their assets without forcing them to speculate on the outcome of bankruptcy and take unilateral risks.”

Voyager at the end to reject FTX’s takeover bid, saying that the bid was a “low-key” one that didn’t provide the best value to customers.

Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox

Check price action

Follow us TwitterAnd the Facebook And the cable

Surf The Daily Hodl Mix

Check out the latest news headlines

& nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock / Catalyst Labs

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *