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Binance US to Acquire Voyager Digital's Assets for $1B

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Joyashree Dey Follow

INDIA

Dec, 21 2022

Dec, 21 2022

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The American entity of Binance, Binance.US in a $1.02 billion deal, US will purchase the assets of Voyager Digital, months after the FTX-Voyager acquisition collapsed due to the collapse of FTX. 

At a hearing on January 5, 2023, the Bankruptcy Court will be urged to approve the asset purchase deal with Binance.US. Binance.US and the company stated they will strive to complete the deal as quickly as feasible when the Bankruptcy Court approves the Chapter 11 plan.


“We hope our selection brings to an end a painful bankruptcy process which saw customers unfairly dragged into it at no fault of their own, said Brian Schroder, president and CEO of Binance.US, "Our goal is simple: return users their cryptocurrency on the fastest timeline possible''


Voyager filed for bankruptcy in July, claiming its exposure to Three Arrows Capital (3AC), and it is now one of many cryptocurrency companies that have done so this year. The collapse of the cryptocurrency project Terra and its algorithmic stablecoin UST in May served as the catalyst for this wave of bankruptcies.


Amidst accusations of fraud, FTX, previously one of the biggest cryptocurrency companies, filed for bankruptcy protection last month. It had also made an offer for Voyager before to its collapse. In September, Voyager issued a similar announcement referring to FTX.US's offer as "the highest and best bid."


Binance has emerged as a hero amidst the flood of collapsed exchanges. Voyager listed more than 100,000 creditors in their bankruptcy case. With Binance.offer, US's creditors will now be one step closer to getting some of their money back.


"Binance.US is well capitalized: our assets exceed our liabilities," said Schroder. "All of our customers could withdraw their assets tomorrow, which is their right & we would still have hundreds of millions of current assets.'' 


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Joyashree Dey

CBW - External Analyst

INDIA

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