Crypto exchange CrossTower Inc., not deterred by the current bear market, is on the lookout for acquisitions of other crypto companies even as it continues to bid for the assets of Voyager Digital.
Kapil Rathi, CrossTower CEO, told Bloomberg that the company is keen to pick up firms with a good set of customers and a good balance sheet. He revealed that CrossTower is in a great place to acquire entities that have a good set of customers with them and a good balance sheet. Rathi said the company is openly looking at different types of companies from an organic growth perspective.
CrossTower was one of the companies in September competing to purchase the assets of Voyager Digital. But Sam Bankman-Fried’s FTX rose as the winner with a valued sales at $1.4 billion. But now that FTX filed for bankruptcy, Voyager Digital has had to reopen its bidding process. It received a revised offer from CrossTower. Kristin Boggiano, CrossTower president, said Voyager’s small $3 million FTX investment wouldn’t play a factor in a potential sale for the lending platform. The company also highlighted that it has minimal exposure to FTX-related investments.
As such, Boggiano said CrossTower has placed an extra emphasis on companies that are highly transparent and compliance-focused. She believes there is an opportunity in this market to provide a compliance-focused platform and to bring the transparency and trust that people have been looking for. Rathi added that the trading platform’s risk appetite to buy out companies has levelled off with the firm looking to adopt a slightly more cautious approach over the short to mid-term.