Binance, as well as other crypto firms are gearing up to restart the bidding process for the embattled digital currency lender Voyager Digital. The lender was forced to go back to the bidding process earlier this month after FTX, its supposed buyer, imploded following a liquidity crunch.
The company, which filed for Chapter 11 bankruptcy protection in July, was set to be taken over by FTX.US, FTX’s United States unit for $1.4 billion after then-CEO Sam Bankman-Fried won in a US bankruptcy auction. Binance and a few other crypto firms have either confirmed their participation or have expressed interest in making a bid for the lender.
Crypto and NFT trading platform CrossTower told CNBC that it will be “submitting a revised bid, one it feels will benefit both the customers and the wider crypto community.”
Crypto asset manager Wave Financial will also be revising its offer, according to Financial News. Matteo Perruccio, president of international for Wave, told CNBC last month that they “felt that our bid was better for the investors and the debtors,” and that it “saw us reinvigorating VGX.”
VGX is Vogayer’s token, which somewhat functioned as a loyalty rewards program, giving discounts to users on trading fees. It rallied for a short period last week when Binance expressed renewed interest in rescuing the company.
Information for this briefing was found via CNBC, London Financial News, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.