Binance.US will acquire over $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 with $1.022 billion.
The offering price includes the estimated $1 billion current value of Voyager’s cryptocurrency portfolio.
Voyager says, “The Binance.US offer is the highest and best offer for its assets following a review of strategic options with the primary objective of maximizing the value returned to customers and other creditors in an accelerated timeframe.”
Binance.US intends to make a deposit of $10 million and reimburse Voyager for unspecified expenses of up to $15 million with the expectation of closing the deal by April 18, 2023, per Voyager.
Voyager says it will seek U.S. bankruptcy court approval of the settlement at a hearing on Jan. 5, 2023.
Voyager filed for bankruptcy in July after crypto firm Three Arrows Capital (3AC), a prominent borrower, defaulted on a substantial loan worth more than $650 million, prompting the digital asset lender to interrupt all customer deposits, withdrawals and operations.
In October, crypto exchange FTX was in line to buy Voyager for a $1.42 billion bid. However, weeks later, the deal was scrapped after the exchange collapsed and disgraced founder Sam Bankman-Fried was arrested on fraud and other charges.
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