Crypto exchange CrossTower Inc., which is currently bidding for Voyager Digital’s assets, is reportedly shopping for more crypto company acquisitions.
In a November 24 Bloomberg report, CrossTower CEO Kapil Rathi exposed that the company is looking to acquire firms with a “good customer base” and “good balance sheet” despite the current bear market, stating:
“We’re in a great place to acquire entities that have a good customer base and a good balance sheet […] so we’re open to looking at different types of companies from an organic growth perspective.”
In September, CrossTower was one of the companies competing for assets of bankrupt crypto-lender Voyager Digital, along with FTX and Binance.
FTX Trading ultimately emerged as the winner of Voyager’s bid on September 27, with sales valued at $1.4 billion.
However, with the stock exchange filing for bankruptcy on November 11, Voyager reopened the bidding process and newly modified offer came from CrossTower same day.
“We are working on a revised offering that we believe will benefit Voyager customers and the broader Crypto community. CrossTower has always been and will continue to be very community-focused,” a Cointelegraph spokesperson said at the time, without specifying the amount.
While CrossTower still hasn’t released any details about its latest bid for Voyager, CrossTower president Kristin Boggiano said FTX’s small $3 million investment in Voyager won’t play a role in a potential sale of the lending platform.
CrossTower also said it has “minimal exposure” to FTX-related investments.
Other companies in line to buy Voyager’s assets include Binance and blockchain-focused venture capital firm Wave Financial, which also expressed interest in an initial auction of Voyager’s assets in September.
In light of recent events with FTX, Boggiano said the firm now places special emphasis on companies that are highly transparent and focused on compliance.
“There is an opportunity in this market to provide a compliance-focused platform and bring the transparency and trust that people have been hoping for.”
However, Rathi said the trading platform’s risk appetite for corporate buyouts has leveled off as the firm wants to take a slightly more cautious approach in the short to medium term.
CrossTower is an American crypto asset exchange that was founded in 2019. It is a relatively small exchange with only $103,816 in trading volume in the last 24 hours with 13 spot markets, according to on Coinmarketcap.