BlackRock has already made it clear that it will enter the field of crypto asset management, but the operation of digital assets needs to meet a series of compliance conditions
According to industry insiders, in the past month, BlackRock has completed the first round of due diligence on Voyager Digital, an encryption platform that has filed for bankruptcy. The two parties are in negotiations regarding the current sale of the assets and shares of the bankrupt entity and have reached a preliminary agreement on acquisition intent.
In the future, once the acquisition plan is finalised, Voyager will become BlackRock’s first acquisition in the cryptocurrency field. This represents not only a strategic move into the cryptocurrency sector but also preparation for the lengthy Bitcoin ETF application process. It has great significance for the entire cryptocurrency market.
As an asset management giant, BlackRock has currently made more than 200 investments and acquisitions around the world, all in the traditional financial and technology fields. This acquisition of a company in the encryption field is the first in history, although the details of the acquisition negotiations have not been made public. but it also triggered a series of speculations from the outside world.
Since applying for the Bitcoin ETF, BlackRock has already made it clear that it will enter the field of crypto asset management, but the operation of digital assets needs to meet a series of compliance conditions, such as digital asset custody and trading licences, MSB (money service business), and MTL (money transmission) licences.
At the same time,Voyager Digital has a crypto brokerage licence, which can directly provide BlackRock with a complete set of forward-looking conditions required to operate a crypto asset business, helping to quickly promote crypto business in the United States.
Prior to this, Voyager Digital was the largest crypto brokerage platform in the United States. However, due to the collapse of the 3AC fund, the company had to deal with a severe liquidity crisis and filed for Chapter 11 bankruptcy last July. During the bankruptcy process that lasted for more than a year, Voyager went through two acquisition plans proposed by FTX and Binance and finally withdrew due to internal reasons of the other party.
After the agreement broke down, Voyager started asset liquidation work, completed the first round of asset returns to creditors, and entered the final stage of bankruptcy proceedings. During this process, the liquidation debtors have repeatedly stated that they are discussing the feasibility of selling platform assets with multiple relevant parties in an effort to return as many assets as possible to creditors.
According to a previous statement by the creditors committee on Twitter, the platform will be sold as a whole, which also means that Voyager will have the opportunity to rebuild its brand value on the basis of resuming operations.
Compared to the previous two sales, BlackRock’s influence is undoubtedly substantial. It is conceivable that EDX Markets, launched by traditional financial giants such as Fidelity Investments and Citadel Securities, has completely revolutionised the cryptocurrency exchange mechanism.
Will BlackRock leverage Voyager Digital to bring about new changes in the traditional trading broker model within the encryption field? This remains uncertain.
As of the current press time, Voyager’s official website indicates that the liquidation debtor will revamp the website page in September to provide creditors with updates on the progress and status of bankruptcy cases.
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