Billionaire Sam Bankman-Fried’s cryptocurrency exchange FTX US will acquire all the assets of bankrupt cryptocurrency brokerage Voyager Digital, beating off rivals with a US$1.422 billion bid.
See related article: Voyager gives Sam Bankman-Fried’s ‘low-ball’ bailout offer a single digit
Fast facts
- FTX will acquire “all Voyager cryptocurrency at a to-be-determined date in the future,” which is currently estimated at US$1.311 billion, as well as “additional consideration that is estimated as providing approximately US$111 million of incremental value,” according to Voyager’s press release.
- Voyager also praised FTX’s “market-leading, secure trading platform” and reassured their users that they will be able to “trade and store currency” on the platform once Voyager’s bankruptcy proceedings conclude.
- When Voyager filed for bankruptcy in July, almost half of its assets consisted of loaned cryptocurrency, with nearly 60% of it loaned to Three Arrows Capital (3AC) that also filed for bankruptcy in the same month.
- The news of FTX’s winning bid drove up the Voyager Token (VGX) by 2.73% in the last 24 hours, according to data from CoinMarketCap.
- Crypto pundit Scott Melker tweeted that the news could mean “Voyager is finished, customers go to FTX and we all get a fraction of our holdings back – potentially in USD and not coins.”
See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace