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Voyager Digital has formally accomplished it’s public sale for acquisition, with powerhouse alternate FTX securing the successful bid, in accordance with rising reviews (and confirmed by way of press launch) in latest hours. Studies in latest weeks had said that the flagship alternate was within the bidding combine with rivals Binance and CrossTower, with all three supposedly within the closing operating for Voyager’s property – and every of which have been supposedly providing distinctive packages within the bidding course of.
With FTX popping out on prime, let’s check out what kind of implications can lie from this acquisition shifting ahead.
FTX & Acquisitions
FTX has lengthy sought a ‘development by acquisition’ mannequin with blended outcomes. The agency is at the moment within the means of working by way of an acquisition of CeFi crypto lender BlockFi, which sought to keep away from the identical destiny as competitor Celsius. FTX’s U.S. division is seeking to purchase BlockFi, and might now add Voyager Digital to it’s record of latest property to construct the FTX rolodex. Whereas the aforementioned Binance and lesser-known alternate CrossTower have been reportedly within the combine, it was FTX who got here out with essentially the most appetizing bid – regardless of rumors that Binance’s provide included a big money sum fee.
Rumors had swirled in latest days across the deal’s closing, with commentators suggesting that FTX would shell out $50M in money in it’s bid, and that the corporate desired that current Voyager prospects have been moved over the FTX platform – the place they might declare a professional rata share of the cash the debtors possess from the present Voyager accounts. It stays to be seen if and the way that can play out. In line with the press launch, FTX’s successful bid is valued at roughly $1.4B.
Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen worth dilution commensurate with the platform’s downfall. | Supply: TSX: VOYG on TradingView.com
The place Issues Go From Right here
The closing of the deal will permit FTX to finalize acquisition of Voyager’s property, however the timeline round these processes continues to be murky. Voyager can now nonetheless transfer ahead with it’s Chapter 11 submitting and look to reconcile debtors and former prospects to some extent – however definitely not wholly. Nonetheless, FTX will see all of Voyager’s property and buyer accounts moved below their umbrella.
The transfer is probably going seen as a win for FTX, who submitted a bid try for Voyager Digital again in July with no traction.
The author of this content material will not be related or affiliated with any of the events talked about on this article. This isn’t monetary recommendation.
This op-ed represents the views of the writer, and will not essentially replicate the views of Bitcoinist. Bitcoinist is an advocate of artistic and monetary freedom alike.
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