Is Voyager Digital getting a bailout from its woes?

Voyager Digital

Voyager Digital might be looking to get out of cold waters soon after receiving bids for its assets from top crypto firms. According to the information, top exchanges like Binance have submitted a bid of about $50 million to purchase the assets. Aside from Binance, there has been a bid by FTX matching the exact figure quoted for the assets by Binance. However, sources claim that the bid submitted by Binance slightly trumps that of FTX regarding the complete package of both bids.

Voyager Digital will announce the winning bid on September 29

Voyager Digital is yet to give the nod to the bids by both firms as the platform is still weighing up its options. The company filed for bankruptcy around June after it saw more than $10 billion in liabilities overwhelm it. At the beginning of September, the company announced that it had concluded plans to start selling off its assets to raise money.

The auction that will see the company’s assets traded off to the highest bidder went live on September 13. Aside from the two top crypto exchanges, other firms in the digital asset market have had bids, including CrossTower and Wave Financials. According to the timeline of events, the winner of the bid would be made known by September 29. However, sources claim that the company can decide to fast-track the announcement if it gets a favorable bid on time.

Alameda is Voyager’s largest debtor

Voyager Digital was one of the top firms that exited the crypto market following a turbulent period for the general market. Before the event, its biggest debtor, 3AC, announced that it had filed for bankruptcy around early July. According to records, the company owed Voyager more than $600 million. Another debtor was Sam Bankman Fried led Alameda research. When the company announced its bankruptcy filing plans, it listed that Alameda owed it more than $300 million.

Some weeks before Voyager Digital announced bankruptcy plans, Alameda extended its credit with the company. In detail, Alameda got $200 million in cash and more than 10,000 BTC. Some days ago, Alameda promised that it would offset its loan of about $200 million, taking back the over $160 million collateral that was in the company’s possession. FTX intended to rescue the company from debts known for the filing, but Voyager Digital rejected the move.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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