Voyager Digital has announced that it has entered into an agreement with Binance.US
Binance.US to acquire its assets, valued at around $1.022 billion, consisting of (i) the fair market value of Voyager's cryptocurrency portfolio, estimated at $1.002 billion at a future date, plus (ii) $20 million of additional consideration.
Binance.US, an exchange based in California, will make a $10 million good faith deposit and reimburse Voyager for certain expenses up to a maximum of $15 million. The deal, which is subject to closing conditions, is set to be consummated through a Chapter 11 plan, and is set to be approved by the bankruptcy court on 5 January 2023.
The transaction aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.