As Binance makes top headlines in the cryptocurrency market by raising concerns regarding its proof-of-reserves audit, the cryptocurrency giant is now drawing new attention after signing a deal with a company. of popular cryptocurrencies to acquire your assets.

Voyager Digital Ltd recently got the best offer from cryptocurrency exchange giant Binance US for selling its assets after a review of a strategic bidding session with the main motive of maximizing the value returned to users of the platform and other creditors in a specific time frame. .

Binance US to Acquire Voyager Assets at $1 Billion Valuation

This year has been rough and tough for the entire crypto space after the FTX bankruptcy filing and the recent controversies over Binance audit reports. Voyager Digital, which sits at the top of the crypto space with a strong user base of 3.5 million and $5.9 billion in assets, collapsed after filing for chapter 11 bankruptcy on July 6. However, the cryptocurrency firm once attempted to sell its assets to FTX owner SBF for $1.42 billion in September, but the deal went in vain after FTX crashed dramatically in November.

However, Binance US now paves the way to return Voyager users’ locked funds, as the cryptocurrency giant won the highest bid of $1.022 billion to acquire Voyager’s assets. Binance made the deal clear as it was comprised of the current situation and market value of Voyager Digital with additional consideration of $20 million of incremental value.

Voyager stated that the company’s claims against Three Arrows Capital remain in bankruptcy status, and any further recovery of the shares will be returned to creditors.

Binance Shapes Voyager Amid Bankruptcy

According to court documents, Binance US’s main motive is to return funds from Voyager Digital users and investors. In addition, Binance US will make a good faith deposit of $10 million to reimburse Voyager expenses with a maximum spend of $15 million. The deal can close with a one-month extension starting April 18, 2023.

The next hearing is scheduled for January 5, 2023, where Voyager will obtain bankruptcy court approval to fully execute the asset purchase with Binance US. Furthermore, it has been made clear that Binance will work closely with Voyager to complete each transaction to comply with the Chapter 11 plan. The schedule and return of locked assets to clients will be made public and can be viewed by visiting the Binance website. Voyager case https://cases.stretto.com/Voyager.

Voyager officially stated: “Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Voyager’s actual results, performance, or achievements to be materially different from any of its expressed future results, performance, or achievements.” ​or implied by futures. looking for statements.”

Binance has long dominated the cryptocurrency industry, controlling more than half of the global cryptocurrency trading volume. However, the cryptocurrency exchange has drawn the attention of various US regulatory bodies, including the US Department of Justice, in a possible case of money laundering and serious violations in the cryptocurrency market.

Despite being the messiah amid the collapse and bankruptcy of various companies, Binance has seen a sharp drop in its users’ confidence in storing crypto funds on the platform, as it witnesses a massive increase in withdrawals. in recent days with your concerns about the audit reports. .

However, Binance appears to be providing clear reporting to the crypto community, and could soon remove client concerns by preventing the platform from becoming another FTX.



This post Bankrupt Crypto Firm Voyager Announces Agreement With Binance US To Acquire Its Assets

was published first on https://coinpedia.org/news/bankrupt-crypto-firm-voyager-announces-agreement-with-binance-us-to-acquire-its-assets/

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