The biggest exchange platform in the world by market capitalization has made the news that it will be relaunching a strategy to compete on the Voyager Digital platform, a platform for crypto lenders. This was said on Thursday by Changpeng Zhao (CZ).
Currently, Voyager and FTX are both in the same condition where both platforms have filed for bankruptcy, being unable to process withdrawals for their users on time.
The majority of the platforms for digital tokens collapsed earlier this year, which caused the crypto market to begin to decline. As a result, the majority of platforms in the crypto ecosystem filed for chapter 11 bankruptcy. The collapse of the cryptocurrency exchange platform FTX in the last two weeks has caused most cryptocurrencies to shift to the downside of the market.
A previous purchase offer from Binance was turned down due to stated worries that the acquisition might endanger the US government’s national security. According to CZ, the FTX exchange may have circulated falsehoods to hinder other bidders from participating.
In July 2022, Voyager, a company with 100,000 clients and $10 billion in assets and liabilities, filed for bankruptcy after Three Arrows Capital (3AC), an active borrower who had made a high-stakes wager on Terra Luna’s stablecoin, failed. Since then, the crypto business has had a protracted winter. To make matters worse, some crypto lenders that were affected by the recent FTX issue, such as BlockFi and Genesis, have filed for bankruptcy.
In addition to enabling Binance to resume its acquisition of Voyager Digital, the demise of FTX increased the platform’s market share. In a recent analysis, CoinGecko found that after the FTX crisis, Binance’s market share grew by seven points to 64%.
The very same analysis reveals that the South Korean, Singaporean, and Japanese markets were severely damaged by the collapse of the SBF bitcoin exchange. Together, these nations accounted for more than 15% of all monthly visitors to the FTX.com website from around the world.
