Home FTX FTX US buys assets from Voyager Digital

FTX US buys assets from Voyager Digital

by Chief editor

Cryptocurrency exchange FTX US has won the auction of cryptocurrency brokerage Voyager Digital’s assets, offering approximately $1.4 billion, according to Voyager.

As noted by Voyager, the offer includes a fair market value of more than $1.3 billion worth of cryptocurrencies stored on the platform, as well as an additional consideration of approximately $111 million. The final price will be adjusted to reflect quotes on the date of the deal.

So far, the companies have not given any instructions to Voyager customers waiting to access their cryptocurrencies, but the cryptocurrency broker has tweeted:

“More information on what this agreement means for customers will be provided on the website.”

Voyager only clarified that:

“The FTX US platform will allow customers to trade and store cryptocurrency after the Chapter 11 bankruptcy proceedings.”

The asset purchase agreement will be submitted to the US Bankruptcy Court for the Southern District of New York for approval on 19 October.

As Cointelegraph reported, cryptocurrency exchanges Binance and CrossTower have also submitted bids to acquire Voyager’s assets, but FTX made the most favourable offer.

Voyager filed for Chapter 11 bankruptcy on 5 July. The “reorganisation” bankruptcy procedure allows the company to retain control of the assets and continue operating while it plans to restructure or sell the business.

Voyager had originally planned a reorganisation, but now state that selling FTX US is “the best alternative for stakeholders”.

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