Binance, FTX make bids for bankrupt cryptocurrency loan provider Voyager #Binance #FTX #bids #bankrupt #cryptocurrency #lender #Voyager

Crypto exchanges Binance and FTX have occur up with the primary bids for belongings of bankrupt crypto loan provider Voyager Digital, the Wall Street Journal claimed on Tuesday, citing people acquainted with the issue. Binance’s bid is about $50 million, marginally better than the competing bid from FTX, the report stated. 

Both Binance and FTX have been relatively unscathed by the crypto winter season, even as organizations like Coinbase World-wide Inc and BlockFi have been compelled to slash their headcount and cut expenditures.

Binance, FTX and Voyager did not straight away answer to Reuters’ requests for remark.

Crypto creditors these kinds of as Voyager boomed in the course of the COVID-19 pandemic, luring depositors with significant curiosity fees and uncomplicated accessibility to financial loans not often provided by traditional banking companies. But the slump in crypto markets has harm crypto corporations and investors. In July, Singapore-primarily based crypto hedge fund Three Arrows Capital also submitted for personal bankruptcy.

Earlier this 12 months, Voyager spurned a bailout proposal from Sam Bankman-Fried’s FTX as a “low-ball bid dressed up as a white knight rescue” and alleged the system would disrupt its individual bankruptcy approach.

(With insights from Reuters)

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