Binance is set to make a $10 million deposit, while also promising to help Voyager cover other expenses up to a maximum of $15 million.
Bankrupt crypto lender, Voyager Digital, has announced an agreement with crypto exchange Binance.US that will see the latter acquire its assets. The agreement was shared moments earlier, via a press release with the deal reportedly worth $1.022 billion.
According to Voyager Digital, it found Binance.US to have offered the “highest and best bid for its assets.” This was after carefully reviewing all bids and determining which best aligns with its core aim of returning value to customers and other creditors as quickly as possible.
Per the press release, the $1.022 billion deal represents the estimated market value of Voyager’s crypto portfolio as of the present. However, there is also a clause of an additional consideration of up to $20 million worth of incremental value. The deal is expected to be completed, no later than April 18, 2023.
Voyager Digital Aims to Refund Customers
This sale agreement will undoubtedly help Voyager in its bid to return value to its customers, albeit by all means necessary. But even the refund will be in accordance with “court-approved disbursements” and “platform capabilities”.
To show its commitment to the deal, Binance is set to make a $10 million deposit. The exchange also promises to help Voyager cover some other expenses up to a maximum of $15 million.
For now, however, the sale of Voyager’s assets is still dependent on the outcome of a January 5 hearing, creditor’s vote, and some other traditional conditions. By January 5, 2023, the lender will be seeking asset purchase approval from the presiding bankruptcy court.
Voyager’s troubles began on July 5 after being exposed to the now-defunct hedge fund Three Arrows Capital (3AC). The lender paused withdrawals at some point, before finally filing for bankruptcy amid its liquidity issues.
Coinspeaker previously reported in October that troubled cryptocurrency exchange FTX US submitted a revised bid for Voyager’s assets. The exchange lined up a massive $1.4 billion bid at the time. However, things have since gone sideways, with FTX itself eventually filing for bankruptcy.
In all, Voyager has been focused on returning maximum value to customers since it began its restructuring process. As of publication, no official details have been shared about reimbursements or customers regaining access to crypto.