BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

After Voyager Bid, CrossTower Eyes Further Acquisitions

After Voyager Bid, CrossTower Eyes Further Acquisitions
The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions.
One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet.
Risk Appetite for Acquisitions
CrossTower’s CEO Kapil Rathi said investors are “cautious” given that the current crypto market sentiment has soured. According to a Bloomberg report , the exec asserted that the company is in a “great place” despite the incessant bear market. The exec also added,
“We’re in a great place to either acquire entities who have a good set of customers with them and a good balance sheet. So we are openly looking at different types of companies from an organic growth perspective.”
The company’s President, Kristin Boggiano, revealed in a statement that CrossTower had “minimal exposure” to the collapse of the bankrupt crypto firm FTX. The company is also reportedly looking to establish a rescue venture fund along with several of its backers. Rathi, however, maintained that the firm currently has no plans to contribute to Binance’s recovery fund created to support distressed projects.
Voyager Bid
The acquisition development comes weeks after CrossTower announced plans to revise the offer for the assets of Voyager Digital. As reported earlier, FTX US secured the winning bid for the assets of approximately $1.4 billion of the bankrupt crypto lender.
The assets’ sale would be completed after a Chapter 11 plan and an asset purchase agreement was approved by the United States Bankruptcy Court for the Southern District of New York.
However, FTX and over 100 of its affiliated entities, including FTX US, filed for bankruptcy on November 11. This prompted Voyager to reopen its bidding process, and the new revised offer from CrossTower came on the same day.
CrossTower’s President does not believe Voyager’s own $3 million in exposure to FTX is a concern compared to the potential value of its business. She added,
“Three divided by $1.3 billion is a very small number.”
Other companies in the race to buy out Voyager’s assets include asset manager Wave Financial, which had participated in its previous auction, as well as the US arm of CZ-led crypto exchange Binance .
The post After Voyager Bid, CrossTower Eyes Further Acquisitions appeared first on CryptoPotato .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ After Voyager Bid, CrossTower Eyes Further Acquisitions


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!