The bid by Binance.US comes amid increased attention on crypto firms, and with Voyager under bankruptcy protection following this year’s crushing crypto winter and contagion. It also follows the collapse of a purchase bid from FTX. As previously covered, FTX had had won an auction and court approval to acquire Voyager assets at $1.4 billion.
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Binance.US is bidding to snap up the bankrupt crypto lender’s assets for $1 billion.
In the crypto market, the Voyager (VGX/USD) price soared 29% to highs of $0.377350 on Monday as the market reacted to the news. Binance’s BNB (BNB/USD) was trading at $247 at the time of writing, about 1% up in the past 24 hours.
Binance.US to help return customers’ funds
A press release from Binance.US noted that the crypto exchange’s bid for Voyager assets will help put the crypto lender on the path to unlocking funds for its customers.
Brian Shroder, the CEO of Binance.US, said in a statement that the company’s agreement to buy Voyager reflects the belief that customers come first. The focus is therefore to return users’ digital assets as fast as possible. He added:
“We hope our selection brings to an end a painful bankruptcy process which saw customers unfairly dragged into it at no fault of their own. Upon close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform where they will continue to receive future disbursements from the Voyager estate.”
Voyager will seek approval for an asset purchase agreement from the Bankruptcy Court on January 5, 2023. If approved and completed, the deal will see Voyager users finally get access to their cryptocurrencies on the Binance.US platform.