CrossTower eyeing further crypto acquisitions outside of Voyager bid


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Crypto trade CrossTower Inc., which is presently bidding for the property of Voyager Digital, is reportedly window purchasing for different crypto firm acquisitions. 

In a Nov. 24 Bloomberg report, CrossTower CEO Kapil Rathi revealed that the corporate is trying to choose up corporations with a “good set of shoppers” and a “good steadiness sheet” regardless of the present bear market, stating:

“We’re in a terrific place to both purchase entities who’ve an excellent set of shoppers with them and an excellent steadiness sheet […] so we’re overtly taking a look at several types of firms from an natural development perspective.”

In September, CrossTower was one of many firms reported to be competing to acquire the assets of bankrupt crypto lender Voyager Digital, together with FTX and Binance.

FTX Buying and selling ultimately turned the winner of the Voyager bid on Sept. 27 with the sale valued at $1.4 billion.

Nevertheless, with the trade submitting for chapter submitting on Nov. 11, Voyager reopened the bidding course of and a new revised offer got here from CrossTower on the identical day.

“We’re engaged on a revised provide that we really feel will profit the Voyager clients and the broader Crypto group. CrossTower has all the time been, and can proceed to be, very community-focussed,” a spokesperson instructed Cointelegraph on the time, with out specifying an quantity.

Whereas CrossTower has nonetheless but to reveal any particulars on its newest bid for Voyager, CrossTower president Kristin Boggiano acknowledged that Voyager’s small $3 million FTX funding wouldn’t play a consider a possible sale for the lending platform.

CrossTower additionally acknowledged that it has “minimal publicity” to FTX-related investments.

Different firms again in line to purchase out Voyager’s property embody Binance and blockchain-focused enterprise capital agency Wave Monetary, who had additionally expressed curiosity within the preliminary public sale for Voyager’s property in September.

Associated: Voyager’s auction did not serve depositors’ best interests, alleges Wave Financial rep

In light of recent events with FTX, Boggiano acknowledged that the agency has now positioned an additional emphasis on firms which are extremely clear and compliance-focused.

“There’s a possibility on this market to offer a compliance targeted platform and to deliver the transparency and belief that folks have been hoping for.”

Nevertheless, Rathi mentioned the buying and selling platform’s danger urge for food to purchase out firms has leveled off with the agency trying to undertake a barely extra cautious strategy over the quick to mid-term.

CrossTower is a United States crypto asset trade that was based in 2019. It is a comparatively small trade with solely $103,816 in buying and selling quantity over the past 24 hours with 13 spot markets, according to Coinmarketcap.