Binance.US Agrees to Acquire Over $1B in Assets from Lending Platform Voyager Digital

Market participants have been greeted with a welcome piece of news to kick off the week as Voyager Digital has announced that Binance.US is set to acquire its assets.

In its announcement, Voyager notes that Binance.US was chosen as the best bid for its assets as it provides the best ability to align with its own “core objective of maximizing the value returned to customers and other creditors on an expedited timeframe”.

Details of the Deal

As it stands, it is believed that the procurement of these assets will cost Binance.US $1.022B (current value + $20M in additional consideration).  In addition to the purchase price, Binance.US is expected to not only make a $10M down-payment, but cover up to $15M in various expenses associated with the sale.

Voyager indicates that the winning bid made by Binance.US was made with the goal of returning the, “…crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities”.

In its own communication, Binance verified this, relaying that its goal was for, “…customers' funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts.”

It should be noted that while the pair of companies have come to an agreement, the actual sale has not yet been solidified.  As it stands, Binance.US has until April 13th of 2023 to do so, before extensions on the deal are required.  For now, Voyager remains in the midst of its bankruptcy proceedings, and is expected to soon request the courts permission to proceed with this sale – something set to occur at its January 5th hearing.

Voyager Token

Customers of Voyager have been put through the wringer over the past few months.  Not only did they become collateral damage with the collapse of 3AC earlier this year, their hopes have already been raised only to quickly be dashed as FTX was set to acquire these very same assets only months ago – and we all know what happened to FTX.  It only only in late November that Binance.US re-entered the picture after FTX was outed as a corrupt platform.

Naturally, with news of Binance.US acquiring Voyager's assets breaking, the native token of the latter has received a hearty spike in value.  At time of writing VGX has spiked 30% within mere hours, and continues to rise.

As it stands, VGX is one of the best performing assets of the day, and maintains a marketcap of ~$108,000,000.

To learn more about VGX, make sure to visit our Investing in Voyager Token guide.