CrossTower eyeing further crypto acquisitions outside of Voyager bid

Crypto change CrossTower Inc., which is at present bidding for the belongings 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 trying to decide up companies with a “good set of clients” and a “good stability sheet” regardless of the present bear market, stating:

“We’re in an ideal place to both purchase entities who’ve an excellent set of clients with them and an excellent stability sheet […] so we’re brazenly differing kinds of corporations from an natural progress perspective.”

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

FTX Trading ultimately turned the winner of the Voyager bid on Sept. 27 with the sale valued at $1.4 billion.

However, with the change 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 are engaged on a revised supply that we really feel will profit the Voyager clients and the broader Crypto group. CrossTower has at all times been, and can proceed to be, very community-focussed,” a spokesperson instructed 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 acknowledged that Voyager’s small $3 million FTX funding wouldn’t play a consider a possible sale for the lending platform.

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

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

Related: Voyager’s public sale didn’t serve depositors’ greatest pursuits, alleges Wave Financial rep

In mild of current occasions with FTX, Boggiano acknowledged that the agency has now positioned an additional emphasis on corporations which are extremely clear and compliance-focused.

“There’s a chance on this market to offer a compliance centered platform and to deliver the transparency and belief that folks have been hoping for.”

However, Rathi stated the buying and selling platform’s danger urge for food to purchase out corporations has leveled off with the agency trying to undertake a barely extra cautious strategy over the quick to mid-term.

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