On February 25th, Lookonchain reported that Voyager, a cryptocurrency brokerage platform, had been selling assets through Coinbase. The report highlighted that Voyager had received $100 million in USDC from Coinbase over the past three days and had been transferring assets to Coinbase almost every day since February 14th. The assets transferred include a range of cryptocurrencies such as SHIB, ETH, VGX, LINK, OCEAN, UNI, MANA, ENJ, and SAND.
According to the report, Voyager currently holds around $631 million in assets, including ETH, USDC, SHIB, LINK, AVAX, STMX, MANA, FTM, and APE. The platform has been sending assets to Coinbase, one of the largest cryptocurrency exchanges in the world, for almost two weeks.
1/ It seems that #Voyager is selling assets through #Coinbase.
We noticed that #Voyager has received 100M $ USDC from #Coinbase in the past 3 days.
And #Voyager has sent assets to #Coinbase almost every day from Feb 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk
— Lookonchain (@lookonchain) February 26, 2023
The news comes shortly after a proposed $1.02 billion deal by Binance.US to purchase the assets of defunct crypto lender Voyager was met with opposition from both New York and Federal financial regulators. Regulators argued that the deal could be discriminatory and unlawful, citing concerns around the proposed repayment of Voyager’s former customers. The Securities and Exchange Commission (SEC) also raised concerns that elements of the proposed deal may infringe the law, given how the plan envisages repaying Voyager’s former customers.
The recent activity of Voyager selling assets through Coinbase raises questions about the platform’s financial position and its reasons for selling assets. Some analysts speculate that Voyager may be selling assets to generate liquidity, while others suggest that the move may be part of a broader strategy to diversify the platform’s holdings.
Read more:
- SEC And NYDFS Raise Concerns Over Proposed Binance.US – Voyager $1.02 Billion Deal
- Binance’s Acquisition Of South Korean Exchange Gopax Faces Regulatory Hurdles