Crypto Exchange FTX Wins Auction to Acquire Voyager’s Assets

Daniel Attoe
Daniel Attoe

Updated · Sep 27, 2022

SHARE:

Techjury is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more.

The crypto exchange beat Binance and Wave Financial in an auction process that lasted for two weeks.

FTX Beats Binance and Wave

Cryptocurrency exchange FTX has won a bid to acquire the assets of Voyager Digital, the crypto investment company that filed for bankruptcy in July. The brokerage announced Monday that it had accepted FTX's $1.422 billion bid. 

“In line with the process outlined in court filings, Voyager received multiple bids contemplating sale and reorganization alternatives, held an auction, and, based on the results of the auction, has determined that the sale transaction with FTX is the best alternative for Voyager stakeholders,” the company said in a press release.

FTX US successfully outbid its rival exchange platform Binance and the financial software provider Wave Financial.

That is the latest development for Voyager since it halted trading and froze user assets in July, citing “market conditions.'' The crypto lender then filed for Chapter 11 bankruptcy, hoping the process would grant it an “efficient and equitable mechanism to maximize recovery.”

Voyager Token (VGX) price has gained marginally in value following the announcement of the accepted bid.

SHARE:

Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

Leave your comment

Your email address will not be published.