Binance.US Agrees to Buy Voyager's Assets for Over $1B
Parikshit Mishra - CoinDesk
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Voyager Digital, the bankrupt crypto lender, said Binance.US has agreed to buy its assets for $1.022 billion, the firm said on Monday.
The bid represents the fair market value of Voyager's cryptocurrency portfolio, which has a current market value of around $1.002 billion, and an additional consideration of $20 million in incremental value.
"The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities," Voyager said in the statement.
Binance CEO Changpeng "CZ" Zhao had said last month that exchange's U.S. wing would be making a fresh bid for Voyager Digital. CoinDesk had earlier reported that Binance was preparing a bid for the bankrupt crypto lender's assets.
Binance.US will make a good faith deposit of $10 million and will reimburse Voyager for certain expenses up to $15 million. Voyager will also seek the approval of the bankruptcy court at a hearing on Jan. 5, 2023.
Voyager, which went into bankruptcy earlier this year, had agreed to sell its assets to the now defunct crypto exchange FTX with FTX beating out rivals Wave Financial and Binance for the assets.
VGX, the native token of Voyager Digital, skyrocketed over 32% after Binance won the bid. VGX was trading at $0.3843 at the time of writing. While Binance's BNB token also rose over 1% on the news trading at $250.
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