Broker-dealer INX makes bid for Voyager’s assets


Broker-dealer and digital assets trading platform INX is making a play for bankrupt crypto lender Voyager Digital’s assets.

The company submitted a bid for the assets via a non-binding Letter of Intent (LOI), according to a company release.

“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,” said Shy Datika, CEO of INX, in the release. “We believe 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 filed for Chapter 11 bankruptcy protection in July due to its over $650 million exposure to the collapsed crypto hedge fund Three Arrows Capital (3AC).

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Crypto exchange FTX.US initially won the bidding process for Voyager’s assets in September. The auction process for Voyager’s assets reopened after the FTX Group filed for Chapter 11 bankruptcy protection.

Several industry players who participated in the initial auction are planning to resubmit bids including Binance.US, Wave Financial and CrossTower.

INX did not submit a bid in the September auction. The company unveiled INX One, a regulated trading platform for security tokens and cryptocurrencies, in September and raised $85 million from over 7,300 investors last year in the first SEC-registered digital security IPO.

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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