Voyager said it has around $1.3 billion in crypto on its platform and greater than $350 million in money on behalf of New York City’s Metropolitan Commercial Bank customers.
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Binance.US will take over crypto assets and customer deposits Digital Voyager in a $1.02 billion deal, weeks after the planned acquisition of FTX-Voyager failed because of this of FTXthe collapse of the corporate and the arrest of Sam Bankman-Fried.
Despite being nominally independent, Binance.US operates as a “de facto subsidiary” of Binance’s international business Reuters.
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Voyager filed for bankruptcy protection in July 2022 after cryptocurrency hedge fund Three Arrows Capital (3AC) defaulted on a major credit position issued by Voyager. At the time of the appliance, the crypto exchange had about $1.3 billion in assets, but 3AC owed it greater than $650 million, up from $5.8 billion in assets at the tip of 2021.
In a press release, Voyager said that Binance.US’s offer represents “the very best and best offer for its assets following a review of strategic options with the first objective of maximizing the worth returned to customers and other creditors in an accelerated timeframe.”
Binance.US is nominally independent from international Binance, but Reuters previously reported that Binance CEO Changpeng “CZ” Zhao established Binance.US in 2017 as regulators.
More than 1.7 million Voyager users have been waiting to discover what is going to occur to their cryptocurrency. When the FTX deal was announced, users were supposed to receive a credit to the account together with the storage of some of the cryptocurrencies supported by FTX. But a number of weeks later, after a multibillion-dollar balance sheet hole was revealed that led FTX to bankruptcy, Voyager, like many other FTX acquisition targets, was forced to collapse.
It just isn’t yet clear how the continued Voyager acquisition could affect Binance’s involvement within the FTX-Alameda bankruptcy.
Voyager officials didn’t immediately respond to the comment.