November 24, 2022
  • November 24, 2022

Binance and FTX Make Bids for Bankrupt Cryptocurrency Lender Voyager

By on September 21, 2022 0

Crypto exchanges Binance and FTX have offered the top bids for the assets of bankrupt crypto lender Voyager Digital, The Wall Street Journal reported on Tuesday, citing people familiar with the matter. Binance’s offer is around $50 million, slightly higher than FTX’s competing offer, according to the report.

Binance and FTX have been relatively spared the crypto winter, although companies like Coinbase Global Inc and BlockFi have been forced to downsize and cut costs.

Binance, FTX and Voyager did not immediately respond to Reuters requests for comment.

Crypto lenders such as Voyager have exploded during the COVID-19 pandemic, luring depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the collapse of crypto markets has hurt crypto companies and investors alike. In July, Singapore-based crypto hedge fund Three Arrows Capital also filed for bankruptcy.

Earlier this year, Voyager dismissed an FTX bailout proposal from Sam Bankman-Fried as a “low offer disguised as a white knight bailout” and alleged the plan would disrupt its bankruptcy process.

(With information from Reuters)

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