The assets of the Canadian company Voyager Digital are changing ownership. They are now owned by FTX US. A company owned by billionaire Sam Bankman-Fried who has just expanded his influence in the cryptocurrency market through this takeover.
FTX US Takes Ownership of Voyager Digital Assets
It is done ! FTX US has just acquired the assets of the Canadian company Voyager Digital. Indeed, the FTX US cryptocurrency exchange therefore continues to expand its influence in the digital asset market.
Its latest acquisition in this market concerns the digital assets of Voyager Digital. This is a Canadian company that specializes in digital asset lending and has had great success in the past.
The buying/auction process took 2 weeks. Eventually, an agreement was reached between the two parties for a transaction that cost FTX US$1.4 billion.
However, a few months ago, the company Voyager Digital had rejected an initial offer from Sam Bankman-Fried who wanted to buy the assets of the company which was already doing quite badly.
For billionaire Sam Bankman-Fried, this is a takeover that has a dual purpose. The primary objective of this operation is to have more influence in the cryptocurrency market which is growing day by day.
With regard to the second objective, it is a question of recovering the panel of customers of Voyager Digital in order to take full advantage of all its potential on the market.
Why were Voyager Digital’s assets sold?
Canadian digital asset company Voyager Digital has been in agony for a few months. Indeed, the Canadian lender who has known great moments of glory is bankrupt.
And for good reason, one of the most popular digital asset lenders in Canada has for a long time offered returns at very high rates for its customers.
But at some point, this company was unable to honor its commitments by ending withdrawal operations on its platform.
The main reason for this interruption is that the company Voyager Digital was hit by the collapse of the virtual currency market.
In summary, Voyager Digital recorded a loss of US$650 million on a cryptocurrency hedge fund loan. Several court documents have also been published to show that the platform had more than 100,000 creditors and several billion dollars in liabilities.
Who benefits from the liquidation of Voyager Digital?
To Voyager Digital customers but even more so to the buyer. Indeed, for the billionaire Sam Bankman-Fried it is a great business opportunity because he has achieved his goal.
Remember, he had already suffered a first setback for trying to buy the company in the first place. In a second step, he achieved his ends by buying the company at a price well below its previous market valuation of a few months ago.
