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Wednesday, February 1, 2023

CrossTower Is Aiming Towards New Crypto Acquisitions

CrossTower Inc, a crypto exchange, has started window shopping for other crypto acquisitions.

As it has been understood, this company has also been bidding for the assets of Voyager Digital. In a Bloomberg report on the 24th of November, Kapil Rathi, the CEO of the exchange, went on to state that the company was looking towards picking up firms that had a good set of customers and a legit balance sheet- even amidst the current bear market. He stated that the company was in a great place to acquire entities who had a good set of customers with them- so they were looking at companies from an organic growth perspective. 

CrossTower Is Planning On Making A Bid For Voyager Digital

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Back in September of this year, CrossTower had been one of the companies that were reported to be in a competition to acquire the assets of Voyager Digital, a bankrupt crypto lender, along with Binance and FTX. FTX Trading was ultimately declared the winner of the bid on the 27th of September, with a sale that was valued at around $1.4 billion.

However, with FTX currently filing for bankruptcy on the 11th of November, Voyager went on to reopen the entire bidding process and a completely new revised offer came from the exchange the same day. A spokesperson from the exchange stated that they had been working on a completely revamped offer that they felt would be benefitting the customers of Voyager, as well as the wider Crypto community. 

Although CrossTower hasn’t disclosed any of the details on their latest bid for Voyager, Kristin Boggiano, the president of the exchange, stated that the small $3 million investment made by FTX on Voyager will not be playing any significant role in the potential sale for the lending platform. 

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