Tuesday, December 6, 2022
HomeDeFiFTX plans to purchase Celsius Network assets after acquiring Voyager Digital

FTX plans to purchase Celsius Network assets after acquiring Voyager Digital

On September 28, Sam Bankman-Fried cryptocurrency exchange FTX, recently declared as the winning bidder in the Voyager Digital asset auction. As per the report, the crypto exchange FTX is drafting a fresh proposal to buy the assets of the insolvent cryptocurrency bank, Celsius Network.

FTX plans to acquire Celsius Network assets

As per the report by media platform, the top cryptocurrency exchange plans to take part in the assets auction of the insolvent Celsius Network this year to continue its huge purchase spree.

 Celsius Network assets

Prior to this week, FTX was declared as the highest bidder in the sale of Voyager Digital’s assets. Securing the winning bid at roughly $1.4 billion, FTX beat out competitors including Binance and Wave Financial. 

Additionally, it was recently revealed that the exchange was working to raise $1 billion with the possibility to acquire more assets.

In a similar manner to the agreement between FTX.US and Voyager Digital, a bid for the Celsius Network would aid in saving the struggling lending company.

FTX may extends its reach to other crypto sector

After Voyager Digital was acquired, it is anticipated that users of the cryptocurrency lender will shift toward the exchange for their business operations. 

FTX might be able to reach out to more sectors of the cryptosphere with the aid of a successful proposal for the Celsius Network. Nevertheless, neither party has yet issued an official declaration, just like with Voyager.

In addition to providing crypto loan services, FTX also owns Bitcoin mining activities and a crypto custody company.

Due to the mounting pressure faced by Alex Mashinsky, Celsius CEO, on the underperformance of crypto lending firm, Alex announced his resignation.

The potential takeover of the Celsius Network by FTX would be a huge boost to the cryptocurrency exchange’s goals for international growth.

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