Broker-Dealer INX Places Bid For The Assets Of Voyager Digital

INX, a broker-dealer and digital asset trading platform, is reportedly interested in acquiring the assets of defunct cryptocurrency lender Voyager Digital. 

A release from the company stated that a non-binding Letter of Intent (LOI) had been submitted in an attempt to acquire the assets.

In a press statement, INX CEO Shy Datika stated: 

“Our bid is a strategic next step in executing INX’s vision to democratize finance and reshape existing paradigms in the market by leveraging the power and versatility of its regulated trading platform.” 

She believes that “INX can offer the right combination of credibility, technology, and unique regulatory positioning to protect Voyager customers and creditor interests — giving them the stability they are looking for.”

Voyager’s exposure to the failed crypto hedge fund Three Arrows Capital was so high that it forced the company to file for Chapter 11 bankruptcy protection in July (3AC).

Voyager Digital Has Multiple Bidders

After Voyager Digital filed for bankruptcy and insolvency, many companies fought to buy its cryptocurrency loan platform. These companies included Binance, CrossTower, the now-defunct FTX, and Alameda Research, a sister trading firm of FTX. 

When the proposal was first announced, CrossTower was one of the first companies to express interest. Binance also came back to buy Voyager Digital, and Wave Financial, a venture capital firm with ties to blockchain, did the same. 

After having its initial $1.2 billion offer rejected in June, FTX ultimately secured the $1.4 billion proposal in September. Binance.US, Wave Financial, and CrossTower are just a few of the industry major names that intend to re-enter the bidding process after having previously participated in the inaugural auction.

Notably, While the September auction was open, INX did not place a bid. In September, the firm introduced INX One, a legal trading platform for security tokens and cryptocurrencies. The company raised $85 million from nearly 7,300 investors in the first SEC-registered digital security IPO last year.