Binance.US to Acquire Voyager’s Assets for $1.02 Billion Bitnation

Lorenzo Worij

  • Voyager was a prominent crypto broker that offered high-interest rates and traded more than 50 cryptocurrencies.
  • The Binance.US bid means that creditors are close to seeing some of their funds returned.
  • Voyager, in September, issued a notice identifying FTX.US as the best bid for its assets. However, the company’s collapse brought a halt to the deal.

Binance.US has announced a $1.02 billion deal to purchase Voyager Digital’s crypto assets and customer deposits, weeks after a deal with the now-bankrupt exchange FTX failed. The news was shared in a press release published on Monday, December 19, with Voyager officials noting that Binance had the “highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”

A tweet from Binance.US president and CEO Brian Schroder read,

Today, Binance.US was selected as the highest and best bid in Voyager’s reopened bankruptcy asset auction. Once the deal is completed, Voyager users will finally be able to access their digital assets on the Binance.US platform. 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. Our goal is simple: return users their cryptocurrency on the fastest timeline possible.

3/ Our bid reflects our deeply held belief that customers should come first. Rather than having their assets liquidated for cash, our bid permits users to retain their cryptocurrencies and empowers them to make future decisions on what they want do with THEIR assets.

— Brian Shroder (@BrianShroder) December 19, 2022

Voyager was one of the major crypto platforms to file for bankruptcy protection this year. The platform filed for bankruptcy in July after Three Arrows Capital, a crypto hedge fund, defaulted on a huge loan position provided by Voyager.

Voyager reportedly had about $5.8 billion worth of assets at the end of 2021. Surprisingly, it had roughly $1.3 billion in assets and was owed more than $650 million by Three Arrows Capital. The press release noted that the Binance.US bid will clear the path for Voyager customer funds to be unlocked.

The statement noted that the deal comprises,

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.

4/ New to customers will have access to our suite of products & services, such as ~150 different cryptocurrencies, 300 trading pairs, 5,000+ convert pairs, industry-leading low fees, incl. 0 fee BTC & ETH trading & the largest US on-chain staking platform

— Brian Shroder (@BrianShroder) December 19, 2022

The transaction will be completed by April 18, 2023. Binance also agreed to make a deposit of $10 million and will pay back some of Voyager’s expenses up to the tune of $15 million. The sale is also dependent on a creditor’s approval and other standard closing requirements. The presiding bankruptcy court will also hold a hearing early next year to approve the deal.

Lorenzo Worij

Lorenzo Worij Autore verificato

Ho coperto alcune storie entusiasmanti nella mia carriera di giornalista e trovo le storie legate alla blockchain molto intriganti. Credo che Web3 cambierà il mondo e voglio che tutti ne facciano parte.

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  • Guglielmo Foster

    William Foster è un redattore per la regione dell'Asia centrale e dell'Europa. In precedenza ha lavorato come redattore presso Acuris (Mergermarket) dove era responsabile di documenti su startup, accordi di private equity, raccolta fondi, sviluppi e direzione editoriale. Il suo periodo più memorabile è stato alla Reuters, dove è stato sia reporter che redattore per vari team.

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