Binance.US Purchases Voyager’s Assets for $1.1 Billion » cryptoupdate.io


Insolvent cryptocurrency lender Voyager Digital said on Monday that exchange Binance.US reached an agreement to purchase the company’s assets for a price of $1.022 billion.

The offer is equal to the fair market value of Voyager’s cryptocurrency portfolio, which has a current market value of about one billion and two hundred million dollars, in addition to an extra consideration of twenty million dollars in added value.

Voyager said in the statement that the objective of the Binance.US offer is to “return crypto to clients in kind,” in line with court-approved payments and the platform’s capabilities. The previous month Binance CEO Changpeng “CZ” Zhao made a  statement indicating that the exchange’s US affiliate would be submitting a new offer for Voyager Digital.

Voyager will be reimbursed for certain expenditures up to the maximum amount of $15 million, and Binance.US will pay a good faith deposit of $10 million. During the hearing that will take place on January 5, 2023, Voyager will further seek the permission of the bankruptcy court.

Voyager, which filed for bankruptcy earlier this year, had reached an agreement to sell its assets to FTX, a cryptocurrency exchange that has since gone out of business. In the competition for the assets, FTX prevailed over competitors Wave Financial and Binance.

Following Binance’s victory in the offer, the value of Voyager Digital’s native token, VGX, jumped by more than 32 percent. At the time this article was written, the current price of VGX on the market was around 38 cents US. Binance’s BNB coin, which is now trading at $250, increased by more than 1% in response to the announcement.

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