Voyager Digital to Sell to Binance US

Voyager Digital, a crypto firm working its way through bankruptcy, is selling its assets to Binance US – the US facing subsidiary of global crypto exchange Binance.

Voyager fell prey to the various crypto failures as it found itself on the wrong end of a loan to Three Arrows Capital (3AC). The crypto hedge fund was unable to repay a loan of $650 million from the firm. 3AC defaulted on the loan, which caused Voyager to halt withdrawals and eventually file for reorganization under Chapter 11 bankruptcy proceedings.

Last October, the bankruptcy court approved an asset purchase agreement with FTX US. Unfortunately, that went bad too. At that time, FTX US’s bid was valued at approximately $1.422 billion.

According to a blog post, Voyager Digital will sell its assets to Binance US for around $1 billion. The sale should enable Voyager customers’ funds to be unlocked fairly soon.

“Our bid is a reflection of our guiding principle that customers should come first.  Our goal is simple: return users their cryptocurrencies on the fastest timeline possible,” said Brian Shroder, Chief Executive Officer and President of Binance.US. “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. Upon close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform where they will continue to receive future disbursements from the Voyager estate.”

Voyager Digital LLC will seek Bankruptcy Court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance.US  at a hearing on January 5, 2023.

 

 

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