Tuesday, November 29, 2022

CrossTower eyeing further crypto acquisitions outside of Voyager bid


Crypto alternate 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 seeking to choose up corporations with a “good set of customers” and a “good balance sheet” regardless of the present bear market, stating:

“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.”

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

FTX Trading finally grew to become the winner of the Voyager bid on Sept. 27 with the sale valued at $1.4 billion.

However, with the alternate 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 are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed,” a spokesperson advised Cointelegraph on the time, with out specifying an quantity.

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

CrossTower additionally said that it has “minimal exposure” to FTX-related investments.

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

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

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

“There’s an opportunity in this market to provide a compliance focused platform and to bring the transparency and trust that people have been hoping for.”

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

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