Binance.US will acquire more than $1 billion worth of assets from bankrupt crypto platform Voyager after FTX’s plans to acquire them fell through.
According to Voyager, Binance.US, a subsidiary of the world’s largest crypto exchange Binance, is the highest bidder for its assets at $1.022 billion.
The bid price includes the $1.002 billion estimated current value of Voyager’s cryptocurrency portfolio.
In a press release, Voyager says,
“[The Binance.US offer is] the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”
Binance.US intends to put down a $10 million deposit and reimburse Voyager for unspecified expenses up to $15 million with the expectation of closing the deal by April 18, 2023, per Voyager.
Voyager says it will seek approval of the agreement from US bankruptcy court at a January 5, 2023 hearing.
Voyager filed for bankruptcy in July after crypto firm Three Arrows Capital (3AC), a prominent borrower, failed to pay back a substantial loan worth over $650 million and caused the digital assets lender to halt all customer deposits, withdrawals, and trades.
In October, the crypto exchange FTX was in line to purchase Voyager for a $1.42 billion bid. However, weeks later the deal was scrapped after the exchange collapsed and its disgraced founder Sam Bankman-Fried was arrested for fraud and other charges.
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Featured Image: Shutterstock/jovan vitanovski
