The ICO financing platform Voyager Digital. Binance was in talks with the FTX platform about an investment or an acquisition. Voyager Digital had been exploring at possible acquisition targets for the business since September of this year.
Since September, when Voyager Digital was in talks with the FTX platform about an acquisition agreement before the FTX platform crashed, Voyager Digital has been in contact with the cryptocurrency startup Binance, who had been hoping to acquire Voyager Digital.
Who is Binance?
One of the biggest cryptocurrency exchange platforms in the world, Binance is also one of the most popular US-based cryptocurrency businesses. The FTX platform and its sibling company Almonda Research were recently found to be engaging in some unethical business activities, according to Binance.
The FTX platform collapsed as a result of this unwinding process, and it was forced to file for bankruptcy last week on Friday. Since then, legal proceedings have been ongoing. The Binance platform has also announced the creation of a fund to assist other crypto companies with their short-term financial difficulties in an effort to resolve this issue in the future and to stabilise the cryptocurrency industry.
Who is Voyager Digital?
Stephen Ehrlich founded Voyager Digital, a blockchain and cryptocurrency landing company, in 2017. After the crash of major cryptocurrency Terra in May this year, the crypto market fell and the company was on the verge of bankruptcy.
The Fall of cryptocurrency Terra has resulted in the crypto market collapse and three arrows Capital, who was also one of the main investors of Voyager Digital. In this fashion, the Fall of three arrows Capital led to the failure of Voyager Digital and the company had to file bankruptcy procedures in July this year.
But in September of this year, the FTX platform revealed that it had acquired Voyager Digital. The currency exchange FTX and Binance both wanted to buy Voyager Digital, but they were unable to do so because of FTX’s plans to acquire and finish the purchase agreement with Voyager Digital. The management of Voyager Digital announced that they had terminated their agreement with FTX and were seeking a number of different bidders for the acquisition process.
The acquisition of Voyager Digital and all of its subsidiaries was announced by FTX this year in September, with a value proposition of $1.42 billion.