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INX joins Binance, CrossTower, and others seeking to acquire Voyager’s assets.
Crypto trading platform INX Digital may be the latest company to join the bidding competition for the assets of bankrupt Voyager Digital. While the offer it has lined up remains undisclosed, the broker announced its intention on Wednesday. That’s when he joins a long list of other potential buyers looking to swoop in on the struggling crypto lender’s assets.
INX Digital declares interest in reopening auction for Voyager digital assets
Voyager Digital filed for bankruptcy in court for the Southern District of the United States in New York in July. But, shortly after the filing, a bidding war ensued between major crypto firms as they competed to acquire its assets. In September, however, FTX US won the battle after submitting a massive $1.4 billion bid for the assets. But that would also be short-lived as FTX filed for bankruptcy two weeks ago, once again, opening the auction.
Meanwhile, the company’s CEO, Shy Datika, also revealed what INX hopes to achieve with its recent offering. According to him, the offer is primarily aimed at helping Voyager users looking for some kind of stability in an extremely volatile market. He says that by acquiring the prominent assets, 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 big companies eyeing Voyager’s assets. It should be mentioned that INX was not in the mix for the September bidding round. And it has the likes of crypto exchange giant Binance, to compete with.
Another notable contender is crypto exchange CrossTower, which was in the bidding before FTX initially won it in September. But, shortly after FTX’s collapse, the exchange is now reportedly working on submitting a revised offer.
In 2021, INX became the first company to offer an SEC-registered security token offering. During this offering, it was able to raise $85 million from more than 7,000 investors.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, a knowledgeable speaker and also a budding entrepreneur. Away from crypto, however, Mayowa’s whimsical pastimes include football or discussions of global politics.
