Cryptocurrency exchange CrossTower has begun seeking to buy up additional crypto companies amid the ongoing market turmoil, Bloomberg reported.
According to the report, the firm had begun bids for Voyager Digital, with chief executive Kapil Rathi stating his company aimed to find a “good set of customers” and a “good balance sheet.”
He added: “We’re in a great place to either acquire entities who have a good set of customers with them and a good balance sheet […] so we are openly looking at different types of companies from an organic growth perspective.”
Other companies such as Binance and now-bankrupt FTX aimed to acquire the exchange. FTX Trading earned the winning bid for Voyager in late September worth $1.4 billion.
Voyager put the bid back on the market after FTX went bankrupt on 11 November. CrossTower’s Kristin Boggiano said it had “minimal exposure” to investments linked to FTX.
Boggiano said that Voyager invested just $3 million in FTX assets, which would not affect a possible sale of its platform. Binance and Wave Financial are also vying for the exchange.
He continued, stating his enterprise would emphasise companies with a strong focus on transparency and compliance.
He said: “There’s an opportunity in this market to provide a [compliance-focused] platform and to bring the transparency and trust that people have been hoping for.”
CrossTower, a crypto exchange based in the US, has a trading volume of just $103,816 in the last 24 hours, market data revealed.
