These are the beneficiaries of the doldrums

It is and has always been like this: when things go downhill for some, things go uphill for others. This is also the case in the current bear market. While some companies are struggling to survive, others seem to be bargain-hunting.

Thus, Binance is the latest member of the thriving crypto companies that could take their ailing competitors under their own roof at a ridiculously low price. As BTC-ECHO reported, the world’s largest crypto exchange is joining companies looking to buy up the remaining assets of insolvent lending provider Voyager Digital.

FTX: The Robin Hood of the Crypto Scene?

Sam Bankman-Fried, founder and CEO of crypto exchange FTX, also seems unable to keep his feet still in the current crypto slump.

In addition to Binance, FTX also had its eye on the insolvent lending service Voyager Digital and submitted an initial offer a few days ago.

But the rumor mill was already simmering at the beginning of July this year: FTX is said to have planned to buy up the insolvent crypto lender BlockFi. A total of 680 million US dollars should walk over the counter for it.

A little later, SBF admitted: FTX still had “a few billion” left over for rescue purposes. The 30-year-old wanted to prevent certain “contagion effects” within the ecosystem.

In the same month, SBF was also reportedly interested in acquiring South Korean crypto exchange Bithumb.

Whether the 30-year-old has a heart for ailing crypto companies or simply wants to fully enjoy his triumph over the bear market is anyone’s guess. Whatever the motivation, the result is the same: Sam Bankman-Fried is replenishing his portfolio.

Reddit Co-Founder: Crypto Currently ‘On Discount’

With his venture capital company Seven Seven Six (776), Reddit co-founder Alexis Ohanian is setting up a multi-million dollar crypto investment fund called Kryptós.

It is a “potentially unique opportunity” to invest in crypto companies “at a discount” now, called it in the fund’s documents, according to the news outlet The Information.

Ultimately, this investment fund also takes advantage of the inexpensive market situation in the crypto space. The VC has already invested in crypto and blockchain projects in the past. For the first time, however, a separate fund is to be set up for this purpose.

Nexo: On a shopping spree with the competition

After the crypto lending service Celsius made a cinematic exit, competitor Nexo announced that it wanted to buy the bankrupt company. However, Celsius did not go through with the deal.

However, Nexo did not stop at Celsius: its rival Vauld, which announced its bankruptcy in the wake of the market crash, should also become part of Nexo. A declaration of intent has already been signed to take over up to 100 percent of the insolvent company.

As final proof of the liquidity in the house of Nexo, one started recently buyback program of the in-house token (NEXO). The company wants to put another 50 million US dollars into the campaign – and thus stand out from its flagging competition.