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Binance.US to relaunch bid for Voyager Digital – VGX token up by 50%

By Darius McQuaid

12:42, 17 November 2022

In this photo illustration the cryptocurrency exchange trading platform Binance logo is seen on an Android mobile device with United States of America flag in the background
Originally, Binance also made a bid for Voyager but lost out to FTX – Photo: Getty Images

Binance.US, the US arm of the world’s largest cryptocurrency exchange by trading volume, is relaunching its bid to buy bankrupt crypto lending platform, Voyager Digital.

FTX originally bought the assets of Voyager in September 2022 after two weeks and numerous rounds of bidding “in a highly competitive auction process”.

The cryptocurrency exchange’s bid was worth roughly $1.42bn (£1.19bn). It consisted of the fair market value of the crypto lender’s assets and $111m (£93m) of “incremental value”.

At the time, Binance also made a bid for Voyager but lost out to FTX.

However, FTX itself filed for bankruptcy on 11 November 2022, which led to the auction reopening up and Voyager now being “in active discussions with alternative bidders”.

The crypto lender stated that “Voyager did not transfer any assets to FTX US in connection with the previously proposed transaction.” FTX US so far had sent across a $5m (£4.2m) “good faith” deposit as part of the auction process “which is held in escrow”.   

Voyager did add that it had a balance of $3m (£2.5m) at FTX that it was unable “to withdraw because they remain locked and subject to vesting schedules”.

VGX to USD 

BTC/USD

28,018.90 Price
-0.310% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00

SOL/USD

22.81 Price
+0.150% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.4593

DOGE/USD

0.07 Price
+0.510% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0009351

ETH/USD

1,757.86 Price
-0.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 5.00

Second time lucky for Binance?

A person familiar with the matter told CoinDesk that Binance.US is preparing to bid for Voyager.  

This news resulted in Voyager’s native token voyager (VGX) rising by 50%.

At the time of writing on 17 November VGX was up by 43% to $0.41 compared with the previous day, according to CoinMarketCap.   

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Luke Skywalker and Darth Vader

Binance chief strategy officer Patrick Hillmann told CoinDesk: “Binance is not looking to be the ‘white knight’ of crypto. There are no Luke Skywalkers or Darth Vaders in business. This is a company with the most to lose as it’s the market leader, looking around to see where we can help bolster the industry through a black swan event.”

The Luke Skywalkers and Darth Vader comment is in reference to an upcoming book by Michael Lewis, author of the The Big Short and Flash Boys, based on Sam Bankman-Fried, founder and former CEO of FTX.  

Matthew Snyder, an agent for Creative Artists Agency, the US talent and sports agency based in Los Angeles, sent an email to potential buyers of the film rights for the book, attempting to sell the idea to film producers.

According to the Snyder email, Lewis likens Changpeng Zhao or ‘CZ’, co-founder and CEO of Binance, and Bankman-Fried “to the Luke Skywalker and Darth Vader of crypto” from the Star Wars film franchise.

Markets in this article

VGX/USD
VGX/USD
0.3690 USD
-0.0345 -9.060%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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