FTX Picks Up Bankrupt Crypto Broker Voyager at Discount Price of $51,000,000: Report
Crypto exchange giant FTX is reportedly acquiring troubled crypto broker Voyager Digital at a discounted price after making a bid to buy the firm earlier this week.
According to a new report from CNBC, FTX won the auction to buy Voyager after submitting a bid of $1.42 billion, although the digital asset exchange will pay just $51 million in cash for the assets, intellectual property and user base of the crypto lending platform.
FTX, led by billionaire CEO Sam Bankman-Fried, beat Binance, the world’s largest crypto exchange platform by volume, in a bidding war to acquire the bankrupt crypto firm.
Most of FTX’s bid was aimed at Voyager’s digital assets, which are valued at about $1.3 billion and will be distributed to creditors proportionately, according to the report.
The report finds that $60 million will also be spent on giving $50 to each user who successfully transitions to FTX.
Furthermore, Voyager users who make the trip to FTX will receive a correlative amount of Voyager’s virtual assets based on their holdings.
Previously, Bankman-Fried had said the goal of the attempt to buy Voyager was to revive the business as well as provide relief to customers without forcing them to expose themselves to risk.
FTX’s bid is pending approval and would also transfer Voyager’s loan balance to the crypto exchange, excluding the loan to Three Arrows Capital (3AC), a crypto broker that owes the digital asset lender about $670 million.
Earlier this month, Bankman-Fried said FTX was ready to continue its investment round and had about $1 billion left in its coffers to do so. Earlier this week, reports suggested that FTX is considering taking action against bankrupt crypto-lending firm Celsius.
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Featured image: Shutterstock/Rafanec
