Abu Dhabi Based Havyn To Acquire Bankrupt FTX ! Here’s The Complete Story

Author: Sohrab Khawas

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    Hayvn, a virtual asset trading platform regulated by the Abu Dhabi Global Market, announced on Friday that it is considering making a formal offer to buy the payments division of the troubled FTX cryptocurrency exchange. Many of FTX’s businesses will likely be sold or reorganized as part of its bankruptcy proceedings. HAYVN could take advantage of this by adding FTX Pay to its increasingly powerful HAYVN Pay infrastructure.

    Christopher Flinos, Chief Executive Officer at HAYVN, said, “We are pleased to learn that some of the FTX businesses have solvent balance sheets, responsible management, and valuable franchises. Our goal is to ensure that within two years, 75% of the world’s e-commerce and point-of-sale transactions have a cryptocurrency payment option available for the customer. Acquiring FTX Pay will help solidify our position as the global leader in cryptocurrency payment solutions.”

    He added, “We are open to a discussion with their bankers Perella Weinberg as soon as they have the courts approval to proceed. We will continue to grow our HAYVN Pay business both organically and through acquisition.”

    The largest cryptocurrency exchange failure to date, FTX filed for bankruptcy protection in the US on November 11 after traders withdrew $6 billion from the platform in just three days and rival exchange Binance withdrew from a rescue plan. 

    “FTX Trading Ltd, West Realm Shires Services, Alameda Research and approximately 130 additional affiliated companies have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware,” FTX said in a statement on Twitter.

    Will Binance acquire Voyager?

    After FTX’s demise, Voyager reopened the bidding process, and it was reported that its board was actively in contact with potential bidders and Binance was also in news. Additionally, according to the company, no assets related to the prior sale agreement were transferred to FTX.

    The collapse of cryptocurrency hedge fund Three Arrows Capital surprised Voyager, which has more than 100,000 creditors and billions of dollars in liabilities, which caused losses of more than $650 million.

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