INX joins Binance, CrossTower, and others looking to acquire Voyager’s assets.
By Mayowa Adebajo
Updated
2 mins read
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.
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.
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
