Crypto exchange Binance.US is buying the assets of bankrupt Voyager Digital in a deal worth $1.022 billion. BAM Trading Services or Binance.US emerged as the highest and best bidder, Voyager said in a statement.
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Binance.US is a separate legal entity that has a licensing agreement with Binance.com.
The company stated that the bid comprises Voyager’s cryptocurrency portfolio (which has an estimated current market value of $1.002 billion) and an additional $20 million in incremental value.
Crypto lender Voyager, which filed for chapter 11 bankruptcy protection in July, was to be acquired by FTX’s US arm. However, following FTX’s collapse, the company was reviewing strategic options for its assets.
Last month, Bloomberg reported Binance CEO Changpeng “CZ” Zhao would be making a fresh bid to acquire the distressed assets of Voyager after a failed deal with FTX.
Binance emerged as the leading crypto exchange following FTX’s messy collapse. However, the firm is taking heat from customers due to the growing distrust of the broader crypto market.
Given the macro challenges, economic uncertainty, and investors’ distrust, the world’s largest cryptocurrency, Bitcoin (BTC-USD), has lost approximately 76% of its value from an all-time high. Further, it is down over 16% in the past six months.
