FTX Wins Against Binance To Take Over Bankrupt Voyager for $50M

FTX has won the bid to acquire Voyager Digital for $50 million.
Binance and CrossTower also expressed their intention to purchase Voyager.
Voyager is a crypto brokerage firm that became bankrupt as the crypto market suffered huge losses.

Sam Bankman-Fried’s FTX has won the bid to take over Voyager Digital, a crypto brokerage firm that has gone bankrupt after suffering losses due to the crypto winter. According to an article by Bloomberg, FTX acquired the brokerage firm for $50 million.

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The takeover bid could have gotten much higher; however, the article said that this did not happen because Voyager was not able to meet key milestones such as assets under management (AUM).

Former Wall Street Journal (WSJ) writer Liz Hoffman also gave a scoop. According to her, the acquisition amount will be distributed to Voyager users who lost their money, although it “won’t come close to making them whole.”

Last week, crypto exchange giant Binance also submitted a top bid to buy Voyager. Aside from Binance and FTX, US-based crypto exchange CrossTower expressed its intention to acquire Voyager. However, FTX has finally emerged as the winner.

It should be noted also that FTX has expressed its intent to purchase Voyager after the global community caught wind of its troubles.

For those that are uninitiated, Voyager Digital is a cryptocurrency investing firm that suffered huge losses after the market went under. For a time, the company had 3.5 million customers with 1.19 million funded accounts.

However, due to the high volatility of the market, the company suffered bankruptcy as many customers withdrew their money to a point beyond repair.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.