Voyager agrees to promote assets to Binance.US

Binance.US has reached an agreement to acquire back the assets of Voyager, a cryptocurrency lending corporation that went bankrupt in July and has also agreed t...

Voyager agrees to sell assets to Binance.US

Binance.US has reached an agreement to acquire back the assets of Voyager, a cryptocurrency lending corporation that went bankrupt in July and has also agreed to promote itself to FTX.

Crypto loan provider Voyager, which was forced to file for bankruptcy in July 2022 due to a liquidity crisis stemming from Three Arrows Capital, stated on Dec. 19 that it had reached an agreement to promote assets for Binance. .US, the US subsidiary of the biggest cryptocurrency exchange Binance.

The asset repurchase agreement announced by Binance.US “will pave the way for unlocking Voyager user assets as soon as possible, while also returning users in the form of cryptocurrency they held in past Voyager accounts.”

one/ Today, @BinanceUS The highest and greatest bid in Voyager’s reopened bankruptcy asset auction was picked. Once the deal closes, Voyager consumers will eventually be in a position to accessibility their digital assets at https://t.co/Wc26vMosC4 platform.

Laws: https://t.co/gBK5m3kcYn

— Brian Shroder (@BrianShroder) December 19, 2022

Binance.US CEO and President Brian Shroder stated:

“Our choice to get assets displays our principle of placing consumers to start with. Our target is easy: get cash back to consumers as quickly as doable. Hopefully we can place an finish to the prolonged bankruptcy procedure that has dragged Voyager consumers towards their will. Once the deal is finalized, consumers will be in a position to accessibility their crypto assets by way of the Binance.US platform, the place they will carry on to obtain rewards from Voyager going forward.”

Neither Binance.US nor Voyager has disclosed the redemption worth, though Binance will have to have to deposit $ten million upfront to safe it and may well send Voyager a further $15 million to cover other charges.

Therefore, it can be noticed that what Binance.US will get with Voyager is practically identical to the prior deal with FTX. In September 2022, FTX won an auction with Binance.US to acquire assets from Voyager up to $one.four billion. FTX CEO Sam Bankman-Fried at the time announced that he would also give consumers cash back if they opened an FTX account.

However, following FTX collapsed and went bankrupt in early November, Voyager announced it was canceling its deal with FTX and searching for a new purchaser, with the primary identify confirmed Binance.US.

Binance has also manufactured lots of notable acquisitions lately, which include Japan’s Sakura Exchange BitCoin and Indonesia’s Tokocrypto.

The rate of Voyager’s VGX token soared virtually forty% on the information, following surging fifty five% earlier when it was leaked that Binance.US was even now interested in obtaining corporate assets.