Binance US, an American subsidiary of the largest crypto exchange in terms of daily trading volumes, is reportedly planning to bid for Voyager Digital.
According to the report shared by Reuters on November 17th, the news was revealed by a person familiar with the matter.
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It is worth noting that back in September, Voyager was acquired by now-bankrupt cryptocurrency exchange FTX for $1.4 billion. At that time, the price was determined by considering the anticipated future Voyager cryptocurrency market value of $1.311 billion and $111 million “of incremental value.”
However, the deal fell through when on November 11th, FTX filed for Chapter 11 bankruptcy in the United States District of Delaware. The same day, Voyager announced it was terminating the deal with FTX and opening a new bidding process.
According to some reports, the first in line was the cryptocurrency trading platform CrossTower. Regarding the matter, a CrossTower spokesperson noted:
We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focused.
Some reports also claim that crypto asset manager Wave Financial is also joining the bidding process.
FTX’s collapse created chaos in the crypto industry, with BlockFi reportedly preparing for large-scale employee layoffs and bankruptcy. On top of that, on November 16th, Genesis announced that it is halting withdrawals and loan applications.
It is worth noting that Voyager native token VGX currently retails for $0,484, recording a 68,20% price surge in the last 24 hours.
by Gile K. – Crypto Analyst, BitDegree
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