Two of the world’s main crypto exchanges have reportedly submitted their bids to amass the belongings of embattled crypto lender Voyager Digital.
Citing folks conversant in the matter, The Wall Avenue Journal reports that Binance is prepared to pay about $50 million to take over Voyager’s properties, which is barely increased than what FTX bid for.
Voyager is auctioning the rest of its belongings as a part of a restructuring plan after it filed for chapter on account of the bear market. Its monetary woes worsened when crypto hedge fund Three Arrows Capital (3AC), one among its greatest debtors, defaulted on a $650 million mortgage.
As Voyager undergoes chapter processes, FTX laid down a proposal in July that might give Voyager clients an choice to money out early with out ready for the conclusion of the proceedings.
The trade’s CEO, Sam Bankman-Fried, says his agency’s proposal affords a greater possibility for Voyager to take care of insolvency.
“The objective of our joint proposal is to assist set up a greater strategy to resolve an bancrupt crypto enterprise – a approach that enables clients to acquire early liquidity and reclaim a portion of their belongings with out forcing them to take a position on chapter outcomes and take one-sided dangers.”
Voyager in the end refused FTX’s buyout supply, saying that the proposal was a “low-ball” bid that didn’t supply the very best worth for patrons.
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