FTX Prepares Bid For Celsius Network Following Acquisition Of Voyager Digital

FTX Prepares Bid For Celsius Network Following Acquisition Of Voyager Digital

Sam Bankman-Fried-led crypto exchange FTX, which was recently announced as the highest bidder in the Voyager Digital asset auction, is preparing a new proposal to acquire the assets of bankrupt crypto bank, Celsius Network.

FTX Preparing Celsius Bid

According to insider information obtained by Bloomberg, the premier crypto exchange is looking to continue its sizable acquisition spree this year by participating in the asset auction of the bankrupt Celsius Network.

Earlier this week, FTX was announced as the highest bidder in the auction for Voyager Digital’s assets, securing the winning bid at approximately $1.4 billion, ahead of the likes of Binance and Wave Financial. Furthermore, it was recently reported that the exchange has been  engaged in raising $1 billion for the potential purpose of procuring additional assets.

A bid for the Celsius Network would serve to help save the ailing lending firm in a similar way to the FTX.US deal with Voyager Digital.

FTX Continues Its Business Expansion

In the wake of the Voyager Digital acquisition, the crypto lender’s users are expected to move their operations to the exchange. A successful proposal to the Celsius Network could serve to help FTX spread its reach into additional sectors of the cryptosphere. However, as in the case with Voyager, an official statement has yet to be made by either party.

Aside from offering crypto lending services, FTX also owns a crypto custody business, and Bitcoin mining operations. 

On the Flipside

  • Celsius CEO Alex Mashinsky, who had been faced mounting pressure as the crypto lender underperformed, has announced his resignation. 

Why You Should Care

The potential acquisition of the Celsius Network by FTX would represent a significant boon in the crypto exchange’s global expansion plans.

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