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Distressed lender Voyager gets a new opportunity to salvage what little is left of its business. Following the accepted and now failed bid for FTX, Binance.US is preparing a new offer for Voyager.
First, we must go back in time a bit. At the end of last September, the Voyager Digital auction ended. At that time, the winner was FTX, which had submitted a bid of just over $1.4B. This offer allowed FTX to outbid the other two major contenders, Binance.US and Wave Financial.
However, it all went down the drain once FTX filed for bankruptcy. Little time passed before Voyager confirmed that it had reopened the bidding process. Voyager also confirmed that FTX still did not hold custody of any of its assets.
The first players to submit new bids were Wave Financial and CrossTower, a premium trading platform.
However, Binance.US seems to be preparing again to enter the bidding. If so, Binance would be the biggest name among all the contenders.
The problem for Binance is not so much the competitors. In the previous bidding, it had been reported that Voyager rejected Binance's bid on national security grounds. However, this process is new, and many changes may occur.
After the first rumors on Thursday, November 17, the price of VGX, Voyager's token, jumped from $0.28 to $0.41 in anticipation of the purchase.
It remains to be seen what will happen. For now, Binance.US might take the winning spot in this new bidding.