Binance and FTX Line Up Bids to Takeover Voyager Digital as Coinbase U-turns

Binance and FTX Line Up Bids to Takeover Voyager Digital as Coinbase U-turns

UTC by Mayowa Adebajo · 2 min read
Binance and FTX Line Up Bids to Takeover Voyager Digital as Coinbase U-turns
Photo: Unsplash

With Binance and FTX exchanges now in the mix, things have gotten more interesting in the bid to buy Voyager’s assets.

Before now, US-based exchange Coinbase was the forerunner in the race to buy the assets of bankrupt crypto lender Voyager Digital. However, after weighing the deal and how it compares to its interests, Coinbase has now backed out of the deal. But according to sources, the troubled lender is also attracting some of the biggest names in the crypto space. Crypto exchanges in the likes of Binance and FTX are reportedly also eyeing Voyager Digital.

All bids for Voyager assets will be due on September 6. But the final sale will take place via an auction proceeding slated later for September 29.

VGX Token Surges 63%

Meanwhile, the native token of Voyager Digital VGX has skyrocketed massively. This follows after the news spread, of the interests from Binance and FTX. VGX is up by over 63% and trading at $0.4518, per CoinMarketCap data.

It might also be worth mentioning that, going by a presentation by the company’s lawyers in early August, there are at least 22 other investors who have shown interest in buying Voyager’s assets. But it certainly gets more interesting with the likes of Binance and FTX in the mix. That is what can be made of the recent price surge of the VGX.

Binance and FTX Show Interest in Voyager Digital

According to the sources who claim inside knowledge of the situation, Binance is aiming to purchase Voyager. Although the exchange has a non-disclosure policy and would only make announcements after they are completed.

Nonetheless, during a New York Times interview that was published last week, Binance CEO Changpeng Zhao admitted that talks are ongoing with Voyager.  He also mentioned his firm is in talks with bankrupt Celsius Network as well, over a possible purchase. His statement simply read:

“Our team’s engaging in all of those conversations.”

For FTX, the exchange made a public offer in July. But as Coinspeaker earlier reported, Voyager’s lawyers were critical of the terms of that offer. Yet, sources familiar with the matter maintain that FTX remains in the running, and would do everything to secure Voyager’s assets.

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