Binance.US set to acquire Voyager Digital assets for $1B
In accordance with a brand new press launch published on Dec. 19, cryptocurrency alternate Binance.US will purchase property of bankrupt crypto lender Voyager Digital for $1.022 billion. After a evaluation of strategic choices, the agency stated that Binance.US represented the “highest and finest bid for its property.”
The $1.022-billion bid consists of the truthful market worth of Voyager’s cryptocurrency portfolio at a to-be-determined date sooner or later, together with a further consideration equal to $20 million of incremental worth.
“The Firm’s claims in opposition to Three Arrows Capital stay with the chapter property, and any future restoration on these and different non-released claims will likely be distributed to the property’s collectors. The Binance.US bid goals to return crypto to prospects in form, in accordance with court-approved disbursements and platform capabilities.”
The deal is ready to shut by April 18, 2023. Binance has agreed to make a $10-million deposit in good religion and can reimburse Voyager for sure bills as much as a most of $15 million. A listening to will likely be held by the presiding chapter court docket to approve the acquisition settlement on Jan. 5, 2023. As well as, the sale is topic to a creditor’s vote and different customary closing situations.
Voyager paused withdrawals in July and filed for chapter amid liquidity points arising from its publicity to a $650-million mortgage default from defunct hedge fund Three Arrows Capital. Cointelegraph beforehand reported in October that troubled cryptocurrency alternate FTX US secured a bid for Voyager’s property for $1.4 billion. The earlier deal enabled senior claims to be paid out in full and allowed unsecured collectors to recuperate roughly 72% of the worth of their accounts.
