In a Monday press release, bankrupt crypto brokerage firm Voyager digital revealed which company won the bid for its assets. Per the publication, exchange platform Binance.US made the highest bid for the troubled lender’s assets. This means Binance.US will acquire Voyager’s assets for approximately $1.022 billion.

Voyager Chooses “Best Deal” for Customers 

The Binance.US bid covers the fair market value of the lender’s crypto portfolio. At the moment, the market value of Voyager’s holdings rests at about $1.002 billion. As such, Binance.US’s bid includes $20M more to account for a possible increase in the future.

In the release, Voyager claimed that it had carefully looked over its options before settling on the crypto exchange. The goal was reportedly to see customers come out on top. Voyager set out to maximize the value its former users and other creditors will receive while hastening the refund process. 

According to the firm, the Binance bid “sets a clear path forward for Voyager customer funds to be unlocked as soon as possible.” Beneath the bid, clients will receive their assets in kind in compliance with court-approved disbursements and according to the platform’s capabilities. 

An April Deadline For Closure

Voyager also noted in the publication that its claims against Three Arrows Capital will remain with the bankruptcy estate. The release stated that any future recovery on the 3AC claims and other non-released claims will be paid to the estate’s creditors.

Both parties should complete the deal before the deadline which sits in Q1 of next year, April 18 specifically. Before then, Binance will make a $10M deposit in good faith. Also, the exchange will refund Voyager for expenses amounting to $15M. 

Should the deal not close by April 18, 2023, subject to a one-month extension,” said the report, “the agreement allows Voyager to immediately move to return value to customers.”

The bankruptcy court in charge of the case will conduct a hearing to approve the acquisition on Jan 5, 2023. Another factor in the purchase is a creditor’s vote among other typical closing conditions. 

Binance Acquires Tokocrypto

Binance CEO Changpeng Zhao confirmed news of the Voyager acquisition via his official Twitter page. Interestingly, this is not the exchange’s only acquisition in recent times even amidst rumors of internal issues. On Monday, Binance finalized its acquisition of Indonesian crypto asset trader Tokocrypto.

Founder and CEO CZ noted that Binance was the majority shareholder in the firm right from the start. Zhao says the exchange simply “injected more cash and increased our shareholding a bit.”

Also strikingly, one crypto user acknowledged the recent FUD campaign saying the “internet people” had claimed Binance was broke. The Binance founder’s response to the comment simply pointed out that actions held more weight than words.

action > words

— CZ Binance (@cz_binance) December 19, 2022

 

The post Binance.US to Secure Voyager’s Assets for Over $1B appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ December 19, 2022 11:09 pm