Bankrupt Voyager Digital strikes deal with Binance.US
Binance.US has agreed to acquire the assets of bankrupt crypto lender Voyager Digital, in a deal valued at around $1 billion.
Why it matters: Voyager Digital was left at the altar when its earlier agreement with FTX US blew up, following the crypto exchange's implosion. FTX US's bid in September for Voyager was valued at about $1.4 billion.
Details: The announcement today said the $1 billion bid is comprised of the fair market value of Voyager's cryptocurrency portfolio at a TBD date. Binance is also paying an additional $20 million in incremental value, more than 5 times less than what FTX US had agreed to pay.
- Remember that at one point, Voyager had rebuffed FTX US's offer, calling it a "low-ball bid." That was before FTX collapsed and filed for bankruptcy.
Of note: Binance was not the only bidder in this round, with names including CrossTower, INX, and Wave Financial also in the mix.
- The Binance.US bid for Voyager aims to return crypto to customers in kind, the release says. It will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million.
Editor's note: This story has been updated with additional information and details.