Binance US Acquires Bankrupt Voyager Digital for 130 Million KRW

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Binance US, an affiliate of Binance, the world's largest cryptocurrency exchange, is acquiring Voyager Digital Assets, a cryptocurrency lending company currently undergoing bankruptcy proceedings.

Voyager announced on the 19th (local time) that Binance US, which submitted the highest bid in this auction, was selected as the acquirer. The acquisition price is $1.022 billion (approximately 1.3326 trillion KRW).

This price is significantly lower than the $1.4 billion offered by FTX last September. FTX had previously announced the acquisition of Voyager but later filed for bankruptcy protection, causing the deal to collapse. Consequently, Voyager has been seeking a new buyer.

Voyager explained that this acquisition "opens the way to unlock and return funds to its 1.7 million customers."

Binance US will initially deposit $10 million with Voyager as a goodwill payment and will deposit an additional $10 million after the transaction is completed. Additionally, up to $15 million will be paid to cover costs.

Brian Schroeder, CEO of Binance US, stated, "Our goal is to enable Voyager customers to access their assets by March next year through a swift process." CEO Schroeder also hinted at the possibility of further acquisitions, saying, "We hold hundreds of millions of dollars in liquid assets and are monitoring several companies in distress."

Previously, Voyager faced a bank run after failing to recover funds loaned to the cryptocurrency hedge fund Three Arrows Capital (3AC) due to the Terra-Luna incident, ultimately filing for bankruptcy protection in July.

This content was produced with the assistance of AI translation services.