Binance.US acquires the assets of Voyager Digital

Cryptocurrency exchange, Binance.US, has agreed to acquire the assets of bankrupt cryptocurrency lender, Voyager Digital, for $1.022 billion. This was the highest and best offer submitted.

- Advertisement -

The $1.022 billion offer consists of the fair market value of Voyager’s cryptocurrency portfolio at a date to be determined in the future, along with an additional consideration equal to $20 million of incremental value.

“Voyager Digital’s claims against Three Arrows Capital remain in the bankruptcy estate and any future recovery of these and other unreleased claims will be distributed to creditors of the estate. Binance.US’s offer aims to return the cryptocurrency to customers, in kind, in accordance with court-approved disbursements and the platform’s capabilities.”

Read Also: Binance will make an offer to acquire Voyager Digital

The deal is scheduled to close by April 18, 2023.

Binance has agreed to make a $10 million deposit as a show of good faith and will reimburse Voyager for certain costs up to a maximum of $15 million. A hearing will be held by the presiding bankruptcy court to approve the purchase agreement on January 5, 2023. In addition, the sale is subject to a creditor vote and other customary closing conditions.

History of the decline

Voyager discontinued customer withdrawals last July and declared bankruptcy amid liquidity problems stemming from its exposure to a $650 million loan default by inactive hedge fund, Three Arrows Capital.

In a Twitter post on December 20, Voyager’s uncovered creditors’ committee expressed the view that Binance.US’s offer “is the best transaction at this time”, although it added that “an evaluation will follow” given a limited timeframe for evaluating the decision.

- Advertisement -

Read Also: Binance reopens its proposal to buy the bankrupt Voyager

Previous Articles:

- Advertisement -

Latest News

FHFA Orders Fannie, Freddie to Consider Crypto as Mortgage Collateral

The U.S. Federal Housing Finance Agency ordered Fannie Mae and Freddie Mac to consider...

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

EU Commission Eases Stablecoin Stance, Calms Bank Run Concerns

The European Commission downplayed the risk of bank runs linked to stablecoins after concerns...

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Nasdaq Integrates Canton Blockchain for 24/7 Collateral Management

Nasdaq has integrated blockchain technology from the Canton Network into its Calypso platform to...

Must Read

9 Best Books On Ethereum And Blockchain Technology (Beginners And Advanced Readers)

Ethereum is a complex topic, and it can be difficult to know where to start learning about it.Even for people who are familiar with...