Menu Close

Binance.US to buy Voyager Digital’s assets for $1 billion

It’s been a long year for Voyager Digital. After filing for bankruptcy, the crypto lender thought it would be able to return some funds to its customers by selling its assets to FTX. As you know, things haven’t been going well at FTX either. That’s why Binance.US is stepping in today and offering to buy Voyager Digital’s assets for $1.022 billion.

It all started with the default of Three Arrows Capital earlier this year. It had some large repercussions across the crypto ecosystem. In particular, Voyager Digital realized that Three Arrows Capital owed it more $650 million. It had no choice but to file for Chapter 11 as a result.

“After a review of strategic options focused on maximizing value returned to customers on an expedited timeframe, Binance.US has been selected as the highest and best bidder for our assets,” Voyager Digital said on Twitter today.

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

Binance.US wants to return crypto to Voyager Digital’s customers. They will be able to connect to Binance.US and see some crypto assets based on their previous positions on Voyager Digital.

“Upon close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform where they will continue to receive future disbursements from the Voyager estate,” Binance.US CEO Brian Shroder said in a statement.

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

Last month, Binance CEO Changpeng Zhao, also known as CZ, said that its US arm would make a new bid for Voyager Digital’s assets. “Binance.US will make another bid for Voyager now, given FTX is no longer able to follow through on that commitment,” he said.

The deal hasn’t closed just yet. Due to the Chapter 11 process, there will be a court hearing on January 5, 2023. The Bankruptcy Court will decide if it approves the deal.

Binance.US to buy Voyager Digital’s assets for $1 billion by Romain Dillet originally published on TechCrunch

It’s been a long year for Voyager Digital. After filing for bankruptcy, the crypto lender thought it would be able to return some funds to its customers by selling its assets to FTX. As you know, things haven’t been going well at FTX either. That’s why Binance.US is stepping in today and offering to buy
Binance.US to buy Voyager Digital’s assets for $1 billion by Romain Dillet originally published on TechCrunch  Crypto, Binance, Binance.US, voyager, Voyager Digital TechCrunch 

Generated by Feedzy

Disclaimer

Innov8 is owned and operated by Rolling Rock Ventures. The information on this website is for general information purposes only. Any information obtained from this website should be reviewed with appropriate parties if there is any concern about the details reported herein. Innov8 is not responsible for its contents, accuracies, and any inaccuracies. Nothing on this site should be construed as professional advice for any individual or situation. This website includes information and content from external sites that is attributed accordingly and is not the intellectual property of Innov8. All feeds ("RSS Feed") and/or their contents contain material which is derived in whole or in part from material supplied by third parties and is protected by national and international copyright and trademark laws. The Site processes all information automatically using automated software without any human intervention or screening. Therefore, the Site is not responsible for any (part) of this content. The copyright of the feeds', including pictures and graphics, and its content belongs to its author or publisher.  Views and statements expressed in the content do not necessarily reflect those of Innov8 or its staff. Care and due diligence has been taken to maintain the accuracy of the information provided on this website. However, neither Innov8 nor the owners, attorneys, management, editorial team or any writers or employees are responsible for its content, errors or any consequences arising from use of the information provided on this website. The Site may modify, suspend, or discontinue any aspect of the RSS Feed at any time, including, without limitation, the availability of any Site content.  The User agrees that all RSS Feeds and news articles are for personal use only and that the User may not resell, lease, license, assign, redistribute or otherwise transfer any portion of the RSS Feed without attribution to the Site and to its originating author. The Site does not represent or warrant that every action taken with regard to your account and related activities in connection with the RSS Feed, including, without limitation, the Site Content, will be lawful in any particular jurisdiction. It is incumbent upon the user to know the laws that pertain to you in your jurisdiction and act lawfully at all times when using the RSS Feed, including, without limitation, the Site Content.  

Close Bitnami banner
Bitnami