12-23-2022 icon

Binance.US prepared to buy Voyager Digital’s assets for $1B

By Lucy Adegbe
Binance.US software

As stated in a Monday publication, digital currency trading platform Binance.US is set to buy properties of insolvent digital currency creditor Voyager Digital at the rate of $1.022 billion. Following the assessment of tactical possibilities, the company noted that Binance.US is the major and most reasonable bidder for its properties.

The $1.022 billion rate comprises the equitable market deal of Voyager’s digital currency holdings at a yet-to-be-discussed time subsequently and an extra deliberation equivalent to about $20 million in increased rate.

The acquisition is slated to be concluded by April 18 of the coming year. Binance consented to an initial payment of $10 million as an indication of sincerity and will repay Voyager up to about $15 million for specific expenditures.

A court case has been slated by the insolvency court for legal authorization of the acquisition contract on the 5th of January, 2023. Also, the purchase will be determined by the lender’s vote alongside other routine concluding grounds.

According to Inna Tuesday’s tweet, Voyager’s board of insecure lenders mentioned that it is convinced that Binance.US offering rate seems to be the most favorable trade currently. In addition, it noted that it is still in the process of assessment, with a restricted timing to decide.

Voyager Digitals had halted outgoing payment transactions in the 7th month of this year and declared insolvency due to a financial crisis that resulted from its vulnerability to a $650 million credit default from shut down Three Arrows Capital.