Breaking: Binance.US wins bid to acquire Voyager assets
The defunct crypto platform – Voyager – announced that Binance.US has won the bid to acquire its assets. The crypto platform stated that Binance.US was its “highest and best bid”. Additionally, the bid was worth nearly $1.022 billion, and it “aims to return crypto to customers”. Notably, the bid was, at first, won by FTX, but the deal fell through after the crypto exchange’s recent collapse.
The announcement on the bid read,
“is comprised of (i) the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value”
Binance.US deal with Voyager
As part of the bid, the American crypto exchange will make a deposit of $10 million in good faith. Additionally, Binance.US will bear Voyager’s expenses up to $15 million. The deal also puts April 18, 2022, as the deadline for the completion of the acquisition. And, in case this fails, Voyager will be allowed to give customers back their funds after giving the exchange a month extension.
The defunct crypto platform further said,
Voyager Digital LLC will seek Bankruptcy Court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023. The sale to Binance.US will be consummated pursuant to a Chapter 11 plan,
The story is still developing.