Binance.US has struck a $1.02bn deal to acquire the assets of insolvent crypto exchange Voyager Digital.
The deal follows a review of strategic options that determined that the bid by Binance.US, which has a licensing agreement with Binance.com, as the ‘highest’ and ‘best’ for its assets.
Binance.US will make a $10m deposit and reimburse Voyager for certain expenses up to $15m. Should the deal not close by the agreement allows Voyager to immediately move to return value to customers.
Voyager will immediately ‘return value’ to clients if the transaction fails to reach completion by 18 April 2023 subject to a month’s extension.
The latest deal was signed after a FTX-Voyager takeover fell through with the collapse of FTX, becoming the latest contributor to the crypto industry’s freefall.
FTX won the bid for Voyager in September this year. However, last month, FTX filed for bankruptcy protection in the US, with its CEO Sam Bankman-Fried arrested recently.
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Voyager filed for bankruptcy in July after crypto hedge fund Three Arrows Capital defaulted on a loan from the firm.
It had assets of around $1.3bn, and was owed more than $650m by Three Arrows when the filing was made, reported CNBC.
Voyager will seek Bankruptcy Court nod for the transaction at a hearing on 5 January 2023.
“The sale to Binance.US will be consummated pursuant to a Chapter 11 plan, which will be subject to a creditor vote and is subject to other customary closing conditions. Binance.US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the Bankruptcy Court,” a Voyager press release stated.