Voyager agrees to sell its assets for just over $1.000 billion to Binance as it seeks to unlock customer funds.
Voyager Digital, the cryptocurrency investment company that filed for bankruptcy in July, has announced the signing of an agreement with Binance US, the exchange's US subsidiary, to purchase the company's assets.
The announcement took place yesterday, 19 December, and in it, Voyager explained that Binance US had been chosen, since they had made the best offer for the company's assetsThe announcement also notes that the agreement is not final, as it is still subject to approval by the bankruptcy court and a hearing scheduled for January 5.
The offer that Binance US has made on Voyager assets amounts to 1.022 million, offering $20 million in “incremental value.”
For the bankrupt company, this agreement offers a “stable path for Voyager customers’ funds to be unlocked as soon as possible.” Voyager Digital’s goal is to return funds to its customers as soon as possible.
In this sense, both parties hope that the agreement will be fully closed. before 18 April, 2023In this regard, Binance US has made a good faith deposit of $10 million to reimburse Voyager for expenses, which can be extended to $15 million if necessary.
Binance US has announced that it will work with Voyager to comply with all payments According to Chapter 11, once the hearing on January 5 is closed, in which the times will be decided, both parties will publish a public list detailing the times.
Voyager Digital's bankruptcy
Voyager Digital, which had a strong user base (with more than 3,5 million users) and a total of $5.900 billion in assets, collapsed and had to sign for Chapter 11 on July 6, 2022.
Voyager was affected by the crash of the Terra ecosystem (LUNA), which also caused the fall of other platforms such as Celsius Network or Three Arrows Capital. In fact, the company maintains a dispute with Three Arrows as part of their bankruptcy filing. Initially, Voyager turned to FTX to sell its assets for a total of $1.420 billion. However, the deal collapsed due to the FTX disaster, which also collapsed in November.
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