CrossTower eyeing further crypto acquisitions outside of Voyager bid


Crypto alternate CrossTower Inc., which is at the moment bidding for the property of Voyager Digital, is reportedly window searching for different crypto firm acquisitions. 

In a Nov. 24 Bloomberg report, CrossTower CEO Kapil Rathi revealed that the corporate is trying to choose up corporations with a “good set of shoppers” and a “good steadiness sheet” regardless of the present bear market, stating:

“We’re in an ideal place to both purchase entities who’ve an excellent set of shoppers with them and an excellent steadiness sheet […] so we’re brazenly taking a look at various kinds of firms from an natural progress perspective.”

In September, CrossTower was one of many firms reported to be competing to amass the property of bankrupt crypto lender Voyager Digital, together with FTX and Binance.

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

Nonetheless, with the alternate submitting for chapter submitting on Nov. 11, Voyager reopened the bidding course of and a brand new revised supply got here from CrossTower on the identical day.

“We’re engaged on a revised supply that we really feel will profit the Voyager prospects and the broader Crypto group. CrossTower has all the time been, and can proceed to be, very community-focussed,” a spokesperson instructed Cointelegraph on the time, with out specifying an quantity.

Whereas 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 think about a possible sale for the lending platform.

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

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

Associated: Voyager’s public sale didn’t serve depositors’ finest pursuits, alleges Wave Monetary rep

In mild of latest occasions with FTX, Boggiano said that the agency has now positioned an additional emphasis on firms which can be extremely clear and compliance-focused:

“There’s a chance on this market to supply a compliance targeted platform and to carry the transparency and belief that individuals have been hoping for.”

Nonetheless, Rathi mentioned the buying and selling platform’s danger urge for food to purchase out firms has leveled off with the agency trying 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, in accordance with CoinMarketCap. 

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