CrossTower is looking to acquire crypto companies with a "good set of customers" and "a good balance sheet."
CrossTower, a Jersey City-based cryptocurrency trading platform established in 2020, is reportedly planning other crypto company acquisitions.
According to the Bloomberg report shared on November 23rd, CrossTower chief executive officer (CEO) Kapil Rathi stated that the company is looking to acquire other crypto firms with a “good set of customers” and a “good balance sheet.”
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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.
In September, CrossTower was among the companies bidding for Voyager Digital assets. At that time, crypto exchanges FTX and Binance were also looking to purchase Voyager and its assets.
On September 26th, crypto exchange FTX won the auction for Voyager Digital assets valued at approximately $1.422 billion. However, after on November 11th, FTX filed for bankruptcy, Voyager reopened its bidding process.
CrossTower was one of the first companies to reportedly jump into a bidding process, stating that it aims to provide a revised offer for Voyager Digital and its assets.
We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed.
CrossTower hasn’t disclosed any further details about its offer. It is worth noting that the company is not the only crypto exchange looking to acquire Voyager. On November 17th, Reuters reported that Binance US is also planning to bid for bankrupt crypto exchange Voyager.
In the announcement about Voyager renewing its bidding process, the company stated that it “did not transfer any assets to FTX US in connection with the previously proposed transaction.” Moreover, Voyager has reportedly “recalled its loans from Alameda Research for 6,500 BTC and 50,000 ETH”.