Cryptocurrency exchange CrossTower is working on a revised offering for Voyager Digital assetsthe bankrupt crypto lender, a spokesperson told Cointelegraph. Voyager announced the reopening of its offer after FTX US, the original winner of the offer, filed for bankruptcy in the United States on November 11.
“We are working on a revised offering that we believe will benefit Voyager customers and the broader crypto community. CrossTower has always been, and will continue to be, very community-focused,” the spokesperson said, without specifying an amount.
In September, FTX US secured the winning bid for the assets of approximately $1.4 billion.according to Voyager. The sale of the assets would follow a Chapter 11 plan and asset purchase agreement approved by the US Bankruptcy Court for the Southern District of New York.
In the statement released on November 11, Voyager said that “the non-sale provisions of the asset purchase agreement between Voyager and FTX US are no longer binding”adding that the bidding process had been reopened, and the bankrupt company was in “active discussions with alternative bidders.”
According to the CrossTower spokesperson, the company is not currently aware of other actors participating in the bidding process.
“We are not aware of any other interests at this time, but even if other players enter the ring, CrossTower’s priority is to ensure the best interest of Voyager customers and the broader crypto community.”
As Cointelegraph previously reported, along with FTX, Binance and CrossTower submitted offers to acquire Voyager assetseach proposing their own terms and conditions.
CrossTower proposed to keep Voyager’s existing platform and app, meaning customers won’t have to switch platforms once the deal is done. As part of this plan, clients would also receive their proportionate share of the assets. Also, CrossTower acquisition plan would see the exchange share its revenue with Voyager customers for several years.
Although the new terms of the offer are not confirmed, the CrossTower spokesperson suggested that a similar proposal would be in the works:
“Voyager has an incredibly loyal and engaged customer base and had a healthy business. We think Voyager’s foundation can be built on.”
In the offer statement, Voyager also confirmed its exposure to the collapse of FTX, with a “balance of approximately $3 million in FTX, substantially comprised of locked LUNA2 and locked SRM which it was unable to withdraw because they remain locked and subject to acquisition schedules.”
Voyager also claimed that it did not transfer any assets to FTX in connection with the sale agreement.. FTX US previously submitted a $5 million “good faith” deposit as part of the auction process, which is being held in escrow.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.