With a bid of $1.4 billion, FTX US beat out Binance, another cryptocurrency exchange, for the assets of the bankrupt cryptocurrency lender Voyager Digital.
FTX beats Binance with a big loan of $1.4 billion for Voyager In July 2022, Voyager Digital filed for bankruptcy because its debts had grown to $4.9 billion because of the crypto winter. In a competitive auction with multiple bids for their assets,
FTX US beat out rival exchange Binance with a bid worth $1.4 billion.
Voyager said that the FTX bid gives their customers the most value, and after the bankruptcy is over, these customers can trade their assets on FTX. Earlier, it was said that Binance and FTX had put in the highest bids, which were around $50 million, for the struggling crypto lender.
Last week, it was said that Binance’s bid was slightly higher than those of other bidders after the auction started on September 13. But it looks like FTX put in a better bid, which was accepted. During the current bear market, both FTX and Binance are working hard to buy the assets of crypto companies that have gone bankrupt.
Customers of Voyager Digital who use cryptocurrencies will get new accounts at FTX. This will give the exchange nearly 2 million new customers. The U.S. Bankruptcy Court for the Southern District of New York must approve the winning bid on Oct. 19.
READ MORE ARTICLES;
