In the latest cryptocurrency news that surfaced on this day, bankrupt Voyager accepts Binance bid. Now, Binance is about to buy the digital assets of Voyager. The deal has been fixed at US$1.022 billion ($1.39 billion). That said, it is a discount on the earlier failed bid attempt while Binance was competing with FTX.
“The bid sets a clear path forward for Voyager customer funds to be unlocked as soon as possible.”
The company also aims to return cryptocurrencies to its customers who had suffered from the Voyager bankruptcy.
In the Binance.Us deal where Voyager accepts Binance bid, the crypto portfolio of Voyager has been valued at US$1 billion at current market prices. Additionally, it includes another US$20 million marked as “incremental value”, as per the statement. The sale is awaiting bankruptcy court approval and is scheduled for a hearing on the 5th of January 2023.
Binance US is led by Chief Executive Officer Brian Shroder and operates as a separate legal entity with a licensing agreement with Binance.com. In a Twitter thread, he stated that they plan to provide the users access to their assets in March 2023. The court approvals are pending.
“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.”
The company has also added,
“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 to do with their assets.”