Cryptocurrency exchange CrossTower Inc., which is currently bidding on Voyager Digital’s assets, is reportedly considering acquiring other crypto companies.
In a November 24 Bloomberg report, CrossTower CEO Kapil Rati said the company is looking for firms with a “good set of clients” and “good balance sheets” despite the current bear market, stating:
“We are in a great position to either acquire companies that have a good set of clients and a good balance sheet. […] so we are openly looking at different types of companies in terms of organic growth.”
In September, CrossTower was one of the companies reportedly competing to acquire the assets of bankrupt crypto lender Voyager Digital, along with FTX and Binance.
FTX Trading was ultimately the winner of the Voyager tender on September 27 for a $1.4 billion sale.
However, after filing for bankruptcy on November 11, Voyager resumed the bidding process and a new revised offer was received from CrossTower on the same day.
“We are working on a revised proposal that we believe will benefit Voyager customers and the wider Crypto community. CrossTower has always been and will continue to be very community-focused,” a spokesperson for said at the time, without specifying the amount.
Although CrossTower has yet to reveal any details about its latest bid for Voyager, CrossTower President Christine Boggiano said that Voyager’s small $3 million investment in FTX will play no role in the potential sale of the lending platform.
CrossTower also said it has “minimal exposure” to FTX-related investments.
Other companies back in line to buy Voyager’s assets include Binance and blockchain-focused venture capital firm Wave Financial, which also showed interest in the initial auction of Voyager’s assets in September.
Related: Voyager auction was not in the best interest of savers, Wave financial spokesman claims.
In light of recent developments with FTX, Boggiano said the firm is now focusing on companies that are very transparent and compliance oriented.
“There is an opportunity in this market to provide a compliance-focused platform and deliver the transparency and trust that people have been hoping for.”
However, Rati said the trading platform’s buyout risk appetite has leveled off as the firm intends to take a more cautious approach in the short to medium term.
CrossTower is a US-based cryptocurrency asset exchange founded in 2019. It is a relatively small exchange with only $103,816 trading volume in the last 24 hours across 13 spot markets, according to Coinmarketcap.