Binance and FTX compete with a $50 million bid to acquire

Binance and FTX compete against each other to acquire Voyager Digital’s assets following its bankruptcy. Both firms have placed a bid of $50 million, Wall Street Journal reports.

According to recent reports, Binance has placed a bid slightly higher than FTX, making it the biggest bidder in this deal but Voyager Digital hasn’t accepted any of the offers made by the firms.

Voyager Digital is a crypto lending platform where users can buy, sell and swap assets from more than 50 tokens and coins available on the platform. It was one of the best DeFi firms to exist.

However, the extreme crypto crash and consistent bear market caused a big loss to Voyager leading to bankruptcy. On Sep 15, the firm announced the bid sale had begun.

“The auction that started yesterday is still underway. We will provide additional information once the auction has concluded, and before the Sale Hearing occurs,” the firm said.

Both exchanges, Binance and FTX have shared they wanted to acquire Voyager Digital after the firm filed for bankruptcy and told that it was open for acquisitions.

In a recent interview, Sam Bankman-Fried, the CEO of FTX, claimed that the exchange had about $1B separately stored solely for acquisitions. The first biggest bid for acquisition seems to be Voyager.

Additionally, Bankman-Fried’s  Alameda Research also announced they will return the 6,553 BTC and  51,000 ETH, $200M worth of cryptocurrency they borrowed from Voyager Digital.

Similarly, Binance’s CEO Changpeng Zhao had also shared he was ready to acquire bankrupt firms to help them and maintain the stability of the DeFi industry.

The bid is already set and the firms await a final decision from the Voyager team, to be announced soon.

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