Voyager earlier today announced a sale agreement between its operating company Voyager Digital LLC and the U.S. branch of the crypto exchange Binance.
Reportedly, Voyager selected Binance.US as the “highest and best bid” for its assets following an evaluation of strategic options with the key objective of maximizing the value returned to customers and other creditors in an expedited time period.
Binance U.S Close To Acquiring Voyager
The bid between Binance U.S is said to make a clear path ahead for Voyager customer funds which are to be unlocked immediately. The offer is valued at roughly $1 billion comprising both the fair market value of Voyager’s cryptocurrency portfolio and an additional consideration that sums up to $20 million of incremental value.
Given the court-approved disbursements and platform capabilities, the bid is aimed at paying customers their crypto back.
Per a press release, “Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. Should the deal not close by April 18, 2023, subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.”
Following this update, Voyager Digital LLC is seeking Bankruptcy Court approval to pass into the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023. Binance.US and Voyager would cooperate to bring the transaction to an end directly after approval of the chapter 11 plan by the Bankruptcy Court.
Speaking of Binance, the exchange earlier today acquired Tokocrypto, one of the largest crypto exchanges in Indonesia. Binance stated it “will gradually increase share ownership in Tokocrypto to almost 100%.”