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In light of recent events with FTX, CrossTower is now prioritising companies that operate in a highly-transparent and more compliant manner.
Following its popular bid for the assets of the bankrupt crypto lender Voyager Digital, crypto exchange CrossTower appears to still be interested in more acquisitions. According to a recent Bloomberg report, the exchange has already begun a search for potential crypto firms to acquire. But according to its president Kristin Boggiano, CrossTower will prioritize firms that operate more transparently and have a proven history of compliance. The firm’s CEO Kapil Rathi also shares similar views. He says the firm will now be looking to pick up businesses with “a good set of customers” and “a good balance sheet”.
Per Rathi, CrossTower will also be making its choices based on the potential of these firms from an organic growth angle.
Crypto Exchange CrossTower Relishes Voyager Bid Reopening
The past few weeks have brought about an interesting turn of events in the crypto industry. As of September, CrossTower was still lining up a bid alongside FTX and Binance for Voyager’s assets. However, FTX later won that bid towards the end of the month. That was in a sale that was reportedly valued at $1.4 billion at the time.
Surprisingly, however, FTX itself also ran into trouble, filing for bankruptcy on November 11. This made Voyager reopen the bidding process. And as expected, within 24 hours of the reopening, CrossTower has submitted a revised offer for the assets.
Meanwhile, CrossTower is not the only form back in the bidding for Voyager’s assets. Binance is also back, while blockchain-focused venture capital firm Wave Financial has also returned.
It is worth noting that CrossTower is looking to go beyond its current bid for the assets of Voyager. The firm is aiming to set up a rescue fund that is likely to be supported by backers of the firm. However, according to Rathi, the fund will be different from Binance’s industry fund that was earlier reported.
Nonetheless, it will be hoping to use the fund to bail out troubled crypto projects in this difficult season.