Značka: Auction

CrossTower revises new offer for Voyager's assets after FTX's bankruptcy

Crypto exchange CrossTower is working on a revised offer for the assets of bankrupt crypto lender Voyager Digital, a spokesperson told Cointelegraph. Voyager announced the reopening of its bidding process after FTX US, the original winner in the bid, filed for bankruptcy in the United States on Nov. 11.”We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed.”, the spokesperson said, without specifying an amount. In September, FTX US secured the winning bid for the assets for approximately $1.4 billion, according to Voyager. The assets’ sale would be completed after a chapter 11 plan and an asset purchase agreement approved by the U.S. Bankruptcy Court for the Southern District of New York.In the statement disclosed on Nov. 11, Voyager said that “the no-shop provisions of the Asset Purchase Agreement between Voyager and FTX US are no longer binding.”, adding that the bidding process was reopened, and the bankrupt company was in “active discussions with alternative bidders.”According to the CrossTower spokesperson, the company is currently not aware of other players participating in the bidding process.”We’re not aware of any other interest at the moment, but even if other players enter the ring, CrossTower’s priority is to ensure the best interest of the Voyager customers and the wider crypto community.”As previously reported by Cointelegraph, along with FTX, Binance and CrossTower submitted bids to acquire Voyager’s assets, each proposing their own terms and conditions. CrossTower proposed keeping the existing Voyager platform and app, meaning that customers won’t have to switch platforms once the deal was closed. As part of this plan, customers would also receive their pro rata share of assets. Additionally, CrossTower’s acquisition plan would see the exchange share its revenue with Voyager customers for several years.Although the new bidding terms are not confirmed, CrossTower spokesperson suggested that a similar proposal would be underway: “Voyager has an incredibly loyal and engaged customer base, and it had a healthy business. We believe that the Voyager foundation can be built upon.”In the statement about the bidding, Voyager also confirmed its exposure to the FTX collapse, with a “balance of approximately $3 million at FTX, substantially comprised of locked LUNA2 and locked SRM that it was unable to withdraw because they remain locked and subject to vesting schedules.”Voyager also claimed that it did not transfer any assets to FTX in connection with the sale agreement. FTX US previously submitted a $5 million “good faith” deposit as part of the auction process, which is held in escrow.

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Voyager's auction did not serve depositors' best interests, alleges Wave Financial rep

The assets of crypto brokerage firm Voyager Digital would face a drastically different fate if FTX did not win the bid, claimed a spokesperson of Wave Financial while speaking to Cointelegraph. The spokesperson argued that better bids were on the table, but they “were passed over for strictly cash offers.”Wave, an SEC-registered digital asset management company with over $1 billion in assets under management (AUM), participated in the auction process, bidding a slightly lower amount than FTX for the assets. FTX secured the winning bid with an amount of $1.4 billion, which must now be approved by the U.S. Bankruptcy Court.Wave defended its proposal as the only one seeking to maintain the Voyager brand and create a new exchange model that caters to the crypto community, regardless of the financial difference in the bid.Related: FTX US wins auction for Voyager Digital’s assetsIn particular, Wave’s proposal sought to “restore value in the VGX token via new and improved utility, saving $200M worth of funds and redistributing assets back to existing Voyager customers,” and “extend a revenue share program to depositors through the new exchange model, driven by the liquidity and community of leading layer-1 protocols who joined as investors and minority owners.” A Wave’s spokesperson also noted that:”Wave was the only remaining bidder during the blind auction process (held the week of September 12 in NYC) that took a “white knight” approach, prioritizing the depositors’ financial interests by restoring value in the VGX token and creating a long-term revenue sharing model — both of which returned substantial equity directly to depositors.” Following the winning bid, FTX provided limited information regarding how Voyager customers will be able to access their crypto holdings. According to Voyager, information regarding crypto access will be shared as it becomes available.On July 5, Voyager filed for Chapter 11 bankruptcy, a process that allows firms to retain ownership of their assets and continue operating while they restructure or sell the company, following an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan.

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Christie’s moves on-chain with NFT auction platform on Ethereum

After a series of successful high-priced nonfungible token (NFT) sales, Christie’s has launched its own dedicated NFT “on-chain auction platform,” allowing auctions to be carried out fully on-chain on the Ethereum network. The 256-year-old British auction giant, which is also the second-largest auction house in the world by fine-art auction revenue, said its “Christie’s 3.0” allows for NFT auctions to be conducted entirely on the ETH network “from start to finish.” “All transactions, including post-sale, will be automatically recorded on the blockchain.”In its past NFT auctions, the payments from the winning bidder were not always conducted on a blockchain, but the creation of Christie’s marketplace allows transactions to occur in a fashion much like the popular marketplace OpenSea, allowing for payments to be made in Ether (ETH). Christie’s said the new marketplace was developed in partnership with NFT smart contract development startup Manifold, metaverse development firm Spatial and blockchain analytics firm Chainalysis.Christie’s 3.0 allows for auctions to be carried out on the Ethereum blockchain network from start to finish. All transactions, including post-sale, will be automatically recorded on the blockchain. (2/4)— Christie’s (@ChristiesInc) September 27, 2022The announcement was paired with an inaugural launch of only one project exclusive to the new marketplace by artist Diana Sinclair, featuring just nine NFTs which can be viewed in an online virtual gallery built by Spatial.Christie’s has seen major success with NFT auctions in the past, such as Beeple’s “Everydays – The First 5000 Days,” which was minted exclusively for the auction house selling for a record $69.3 million in Mar. 2021, becoming one of the most expensive NFTs ever sold.At the time, the sale of the NFT was conducted in partnership with NFT marketplace MakersPlace.The firm also facilitated the auction of nine CryptoPunks in May 2021 with the winning bid coming in at almost $17 million.Related: Beyond the NFT hype: The need for reimagining digital art’s value propositionChristie’s Web3 interest has moved outside of NFT auctions, in July it launched a venture fund aimed at supporting “art-related financial products and solutions” in Web3 with its initial investment going to LayerZero Labs, a company building decentralized applications compatible with multiple blockchains.Rival auction house Sotheby’s has taken a similar interest in Web3 and NFTs, launching its own metaverse in Oct. 2021 and having its share of high-priced NFT sales also.

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FTX US wins auction for Voyager Digital’s assets

Cryptocurrency exchange FTX US has secured the winning bid for the assets of crypto brokerage firm Voyager Digital with a bid valued at approximately $1.4 billion according to Voyager.Voyager said the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion along with $111 million of what it says is “incremental value,” but did not provide further details.Little information was given regarding what will happen to Voyager customers still awaiting access to their crypto holdings, with Voyager stating additional information about crypto access “will be shared as it becomes available.”Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza— Voyager (@investvoyager) September 27, 2022Voyager only mentioned that the FTX US platform “will enable customers to trade and store cryptocurrency after the conclusion of the company’s chapter 11 cases.“Cointelegraph contacted FTX and Voyager Digital for further comment but did not immediately hear back.The sale of the assets is set to be completed after a chapter 11 plan and an asset purchase agreement is submitted for approval by the United States Bankruptcy Court for the Southern District of New York on Oct. 19.Cointelegraph earlier reported that crypto platforms Binance and CrossTower also submitted bids alongside FTX to acquire Voyager’s assets, each proposing their own terms. A source claimed Voyager customers would receive their pro rata share of crypto assets and transition to the FTX platform if its bid was successful.Related: Sam Bankman-Fried denies report FTX plans to purchase stake in HuobiVoyager entered into a chapter 11 bankruptcy on July 5th, sometimes called a “reorganization” bankruptcy, it allows a firm to retain control of its assets and continue operating whilst it plans to restructure or sell the business.The filing was for an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan from the firm, Voyager says its claims against 3AC remain with the bankruptcy estate.The company maintains its chapter 11 filing was “aimed at returning maximum value to customers” and also considered a reorganization, but stated the sale to FTX US was the “best alternative for Voyager stakeholders.”

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NFTs are a 'natural place' for digital artists — Gal Yosef

The hype surrounding nonfungible tokens, or NFTs, may have died down in recent months due to the crypto bear market, but that hasn’t stopped digital artists from experimenting in the new and exciting space. Gal Yosef, a globally renowned self-taught artist in the field of 3D art and animation, has proven his versatility by launching two successful NFT collections. In an exclusive interview with Cointelegraph, Yosef explained why NFTs are a “natural” transition for digital artists and why the industry is poised to grow despite current headwinds.Yosef, who successfully launched his Meta Eagle Club NFT collection in January, explained to Cointelegraph why nonfungible artwork is so appealing: “I think that the NFT has given massive exposure to all the digital artists mostly because it’s a very natural place for us.”Specializing in cartoon-style avatars, Gal Yosef’s digital artwork is known for being extremely detail-oriented and life-like. Source: @galyosef InstagramApproaching NFT art versus other forms of digital artNFTs are a natural transition for digital artists because the vertical is “not a category by itself.” Rather, as Yosef explained, NFTs are “exactly the same art for me, exactly like I’m doing all the time and exactly like I always did just listed in other [platforms].” He said the art world is changing along with NFTs and “giving us a new platform to express ourselves.”Yosef’s foray into the NFT market began in 2021 when he launched the Crypto Bulls Society collection. The collection reportedly generated over $50 million through primary sales and auctions. A one-of-a-kind NFT created in collaboration with American record producer Steve Aoki netted Yosef $214,000 at Sotheby’s auction.Did you know …Gal Yosef (our artist) has recently sold his own NFT in collaboration with Steve Aoki for $214.000.This is the first time that we have made Gal’s art available for a broader audience. Make sure to get your hands on one of the sickest NFTs of this time! pic.twitter.com/hzjND3ynIG— Crypto Bull Society (@Crypto_Bull_NFT) November 3, 2021When asked whether there were any learning curves in launching an NFT collection, Yosef said the only unknown was the market dynamics of the new industry. “I wasn’t sure what really [controlled] the outcome, then I realized it’s all based on the community; the art can be as beautiful as possible, but without good community, the artwork will not [succeed].”Metaverse: The future?In describing his first few encounters with the NFT world, Yosef said the broader blockchain industry, and specifically metaverse technology, could be “the next big thing.” “[I am] looking to put my signature on it and make some big things,” he said without elaborating further. Related: NFT market worth $231B by 2030? Report projects big growth for sectorWhile the existing metaverse industry has been described as “basic and weird” due to nascent technology and adoption, it’s expected to have a profound impact on gaming, social interaction and art. Some technologists and venture capitalists believe that the marriage between metaverses and NFTs is inevitable — and that metaverse NFTs will power the next growth cycle in digital collectibles. NFT sales volumes peaked in 2021 during the height of crypto mania, with the likes of Bored Ape Yacht Club and CryptoPunks generating billions of dollars in lifetime revenue. Although the market is in a cooling phase, rumors of its death have been overstated, according to industry data aggregator DappRadar. NFT sales volumes were a healthy $3.7 billion in May. While activity has continued to fall during the summer, the arrival of major brands such as Tiffany & Co reveals that many companies are strategically pivoting into the NFT market.

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Christie's launches venture fund aimed at Web3 and blockchain investments

Christie’s, the auction house known for its sales of art and luxury items, has launched an investment fund to support emerging companies with technology enabling “seamless consumption of art.”In a Monday announcement, the auction company said the fund, Christie’s Ventures, will financially support firms in Web3, “art-related financial products and solutions,” and technology related to art and luxury goods. According to Christie’s, its first investment will be in LayerZero Labs, a company developing solutions for enabling omnichain decentralized applications, allowing a more seamless transfer of assets between blockchains. “We will focus on products and services, which can solve real business challenges, improve client experiences and expand growth opportunities, both across the art market directly and for interactions with it,” said Christie’s Ventures global head Devang Thakkar.Christie’s is launching its own in-house investing firm, Christie’s Ventures. The entity will aim to supply seed funding to young companies whose technologies could ultimately help collectors buy and sell more art, digital or otherwise. https://t.co/rzGlaVRAfM— The Wall Street Journal (@WSJ) July 18, 2022Related: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collectionThe move into blockchain-related investments represented another step for Christie’s to support ventures in the crypto space. In 2021, the company hosted an auction for a piece of nonfungible artwork from Mike Winkelmann, also known as Beeple, raising more than $69 million. Since then, it has held several high-profile sales for NFT artwork and partnered with the OpenSea online marketplace for on-chain auctions.2022 is shaping up to be a record year for blockchain-related venture funding. As Cointelegraph reported, blockchain- and crypto-focused firms raised $14.8 billion in the first quarter of the year, nearly half of 2021’s totals. Although activity has waned due to the bear market, startups with a focus on Web3 and the Metaverse continue to attract significant capital.

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Auctioneer willing to sell $70M artwork for BTC or ETH

In further signs of crypto adoption among the art world, a leading United States auction house will accept crypto as payment for a series of paintings. A Jean-Michel Basquiat collection is up for auction by Phillips, with Bitcoin (BTC) and Ethereum (ETH) listed as payment options.The showstopper 16-foot painting, Untitled, 1982, is “estimated in the region of $70 million” (roughly 1650 BTC or 25,513 ETH). It will go under the hammer in New York on May 18th.Scott Nussbaum, Senior International Specialist, 20th Century & Contemporary Art from Phillips told Cointelegraph that buyers “are interested in the option of cryptocurrency as a method of payment for traditional artworks.” The Baqueirat painting. Source: Phillips Given that “the beauty of Basquiat is his ability to inspire both seasoned and new collectors,” extending “the option for buyers to pay in cryptocurrency,” is a deft move. Ultimately, Nussbaum explains, accepting cryptocurrency as payment for other works “will only continue to increase.”Nussbaum told Cointelegraph: “The interest in cryptocurrency and NFTs from the traditional art world is growing rapidly. And though it’s impossible to predict the future, we believe the intersection of digital and traditional art worlds will only continue to flourish.”It’s not the first time that the auction house has explored cryptocurrency, although the previous sale was an order of magnitude smaller. In June 2020, Phillips auctioned a Banksy piece, Bitcoin and Ether as accepted payments. It sold for roughly $3.2 million. Coincidentally, a price target for the Basquiat of around $70 million is the hammer price for the infamous Beeple NFT auction, which closed in March 2021. Christie’s auction house managed the sale, inspiring further cryptocurrency-related auction house activities. In November 2021, rival auctioneers Sotheby’s took ETH bids in real-time for a Banksy auction. In May of the same year, Sotheby’s partnered with Coinbase to manage auctions in Bitcoin and Ether before taking charge of crypto payments in-house. Related: The city of Lugano will accept Bitcoin, Tether and LVGA tokens as ‘de facto’ legal tenderNussbaum sums up the fashion for cryptocurrencies in the art world, explaining that “there are many new collectors who are very engaged in cryptocurrency.” “It was only a matter of time before it would be of interest as a method of payment.”

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