Binance.US to Acquire Voyager Digital Assets for $1.022 Billion

• Voyager Digital Ltd. has announced that Binance.US will acquire its assets for $1.022 billion.
• This is being done to maximize the value returned to customers and other creditors.
• The bid for bankruptcy court approval is set to take place on January 5, 2023, with a $10 million good-faith deposit being made up front.

Voyager Digital Ltd. has recently announced that Binance.US, an American licensed entity independent of Binance international, will acquire its assets for a total of $1.022 billion. This move is being taken in an effort to maximize the value returned to customers and other creditors on an expedited timeframe.

The loan that Voyager Digital had taken out from the now-bankrupt Three Arrows Capital was for 15,250 BTC and $350 million USDC. This helped lead to the bankruptcy of the firm in July of 2022, due to the cascading contagion from the LUNA/Terra collapse beforehand. Additionally, Voyager had loaned $376 million to the now-bankrupt Alameda Research fund, owned by FTX exchange co-founder Sam Bankman-Fried.

These events have now led to the asset buyout by Binance.US. The press release states that the firm will make a $10 million good-faith deposit up front, and that their goal is to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities. The bid for bankruptcy court approval is set to take place on January 5, 2023. Should the deal not close by April of 2023, the agreement allows Voyager to begin returning value to customers.

This acquisition is a big move for both Voyager Digital and Binance.US. It will be interesting to see if the bid is approved and if the asset buyout is successful. It could provide a much-needed lifeline to Voyager’s customers, as well as a major boost to Binance.US’s presence in the American market.