Voyager Digital, which filed for bankruptcy in April, announced on Monday that it was selling its assets to Binance U.S. The highest and best offer was $1.022 billion, according to the bankruptcy code.
A statement from Voyager, disclosed the amount represents the fair market worth of the company's assets at current pricing plus $20 million in additional value.
After the lender's assets were put up for auction in September, FTX.US, the American subsidiary of the now-defunct FTX exchange, was initially supposed to buy Voyager. The bid from FTX.US was $1.2 billion.
Binance announced that its American affiliate, Binance.US, would make its own offer after FTX's demise. Voyager's representative declined to comment.According to platform capabilities and court-approved payments, "The Binance.US offer seeks to repay cryptocurrency to clients in kind," Voyager stated in the release. Following news of the bid, VGX, the native token of Voyager, increased by around 35%.
The troubled Crypto lender disclosed that Binance.US will provide a $10 million good faith deposit. At a hearing slated for January 5, 2023, Voyager will ask the court for permission to sign the asset purchase agreement with Binance US.
The crypto market has lost about $2 trillion in value this year as a result of rising interest rates and growing concerns about an economic crisis.
The heaviest hit came after FTX filed for bankruptcy protection last month, but the slump has already eliminated important companies in the market including Three Arrows Capital and Celsius Network.
The quick demise of the Sam Bankman-Fried-founded exchange has also prompted an intense regulatory examination of how major exchanges manage customer funds.
