Crypto Guide

CrossTower eyeing additional crypto acquisitions exterior of Voyager bid

Crypto change Crosstower Inc., which is presently bidding for Voyager Digital’s belongings, is reportedly window purchasing for different crypto firm acquisitions.

In a November 24 Bloomberg report, Crosstower CEO Kapil Rathi revealed that the corporate is trying to tackle corporations with a “good set of consumers” and “good stability sheets” regardless of the present bear market:

“We’re in an excellent place to amass entities which have an excellent buyer base and a wholesome stability sheet […] So we’re overtly a wide range of firms from an natural progress perspective.

In September, Crosstower was one of many firms competing to amass the belongings of bankrupt crypto lender Voyager Digital, together with FTX and Binance.

FTX Buying and selling finally emerged the winner of the Voyager bid on 27 September with a sale of $1.4 billion.

Nevertheless, with the change submitting for chapter on November 11, Voyager reopened the bidding course of and a brand new revised supply got here from Crosstower that very same day.

“We’re engaged on a revised proposal that we expect will profit Voyager prospects and the broader crypto neighborhood. CrossTower has at all times been, and can proceed to be, very community-focused,” a spokesperson specified an quantity to Cointelegraph on the time. Advised with out doing

Whereas Crosstower hasn’t but disclosed any particulars on its newest bid for Voyager, Crosstower President Kristin Boggiano stated Voyager’s smaller $3 million FTX funding will play no half in a possible sale to the lending platform.

Crosstower additionally says it has “minimal publicity” to investments associated to FTX.

Different firms in line to purchase Voyager’s belongings embrace Binance and blockchain-focused enterprise capital agency Wave Monetary, which additionally confirmed curiosity in an preliminary public sale for Voyager’s belongings in September.

associated: Wave Monetary consultant alleges Voyager public sale didn’t serve depositors’ finest pursuits

In mild of latest occasions with FTX, Boggiano stated the agency has now positioned further emphasis on firms which can be extremely clear and compliance-focused.

“There is a chance on this market to offer a compliance centered platform and convey the transparency and belief that individuals have come to count on.”

Rathi, nonetheless, stated that the chance urge for food of buying and selling platforms for getting firms has come down, because the agency is taking a barely extra cautious method within the brief to medium time period.

CrossTower is a United States crypto asset change that was established in 2019. It’s a comparatively small change with solely $103,816 in buying and selling quantity over the past 24 hours, with 13 spot markets, in line with Coinmarketcap.