Binance.US buys Voyager Digital assets for $1 billion • ExamPaper

It’s been a long year for Voyager Digital. After filing for bankruptcy, the crypto lender thought he could return some money to his customers by selling his assets to FTX. As you know, FTX is not doing well either. That’s why Binance.US steps in today and offers to buy Voyager Digital’s assets for $1.022 billion.

It all started with the bankruptcy of Three Arrows Capital earlier this year. It had some major ramifications for the crypto ecosystem. Notably, Voyager Digital realized that Three Arrows Capital owed the lake $650 million. As a result, it had no choice but to apply for Chapter 11.

“Following an assessment of strategic options aimed at maximizing the value customers get back in an accelerated time frame, Binance.US has been selected as the highest and best bidder for our assets,” Voyager Digital said on Twitter Today.

With today’s offer, Binance.US agreed to buy Voyager’s crypto portfolio for $1.002 billion. It also spends another $20 million on other “incremental value” assets.

Binance.US wants to return crypto to Voyager Digital’s customers. They can connect to Binance.US and view some crypto assets based on their previous positions on Voyager Digital.

“After closing the deal, users will be able to seamlessly access their digital assets on the Binance.US platform, where they will continue to receive future payouts from the Voyager legacy,” Binance.US CEO Brian Shroder said in a statement.

Of course, users can also liquidate their positions and get cash. But Binance.US is likely to gain new users with this deal. Some of them may start using Binance.US as their crypto exchange. Others simply sign up to withdraw their Voyager Digital funds.

Last month, Binance CEO Changpeng Zhao, also known as CZ, said its US arm would make a new bid for Voyager Digital’s assets. “Binance.US will now re-bid for Voyager as FTX can no longer honor that commitment,” he said.

The deal is not closed yet. Due to the Chapter 11 process, a court hearing will be held on January 5, 2023. The Bankruptcy Court will decide whether to approve the deal.

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