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.

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.”