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Trading Platform INX Digital Enters Race to Acquire Voyager Assets

UTC by Mayowa Adebajo · 2 min read
Trading Platform INX Digital Enters Race to Acquire Voyager Assets
Photo: Unsplash

INX joins Binance, CrossTower, and others looking to acquire Voyager’s assets.

Crypto trading platform INX Digital may be the latest firm to join the bidding competition for the bankrupt Voyager Digital’s assets. While the offer it lined up remains undisclosed, the broker-dealer announced its intent on Wednesday. This is as it joins a long list of other potential buyers looking to swoop on the assets of the troubled crypto lender.

INX Digital Declares Interest as Bidding for Voyager Digital Assets Reopens

Voyager Digital filed for bankruptcy in the US Southern District Court of New York in July. But, shortly after the filing, a bidding war ensued between top crypto firms as they vied to acquire its assets. By September, however, FTX US won the battle after submitting a massive $1.4 billion bid for the assets. But that also would be short-lived as FTX filed for bankruptcy two weeks ago, once again, throwing open the bidding.

Meanwhile, the company’s CEO, Shy Datika has also revealed what INX is hoping to achieve with its recent bidding.  According to him, the bid is primarily aimed at helping Voyager users looking for some sort of stability in an extremely volatile market. He says by acquiring the assets in view, INX will be able to offer these users all the “credibility, technology, and unique regulatory positioning” they need.

The Competition

For INX, it’s about to be a real battle between itself and other top firms eyeing Voyager’s assets. It is worth mentioning that INX was not in the mix for the September round of bidding. And it has the likes of giant crypto exchange Binance, to compete with.

Another notable suitor is the crypto exchange CrossTower, which was in the bidding before FTX initially won it in September.  But, shortly after the FTX collapse, the exchange is now reportedly working on submitting a revised offer.

In 2021, INX became the first firm to complete a security token offering that is registered with the SEC. During that offering, it was able to raise $85 million from over 7,000 investors.

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