Binance.US to Rescue Voyager with $1.3 Billion Asset Acquisition
Voyager, a crypto credit company, has received approval for its long-awaited restructuring plan from a federal US bankruptcy court, with Binance.US stepping in as the expected financial savior.
According to multiple reports, Binance.US has agreed to acquire Voyager’s assets for $1.3 billion, which is the bulk of the deal’s valuation.
Voyager’s creditors, which include retail customers whose assets have been locked up on the platform since 2022, have been pushing for a settlement, but objections from regulators have complicated the bankruptcy proceedings.
Binance.US had reached a tentative agreement in December 2022 to purchase Voyager outright for $1.022 billion, but the SEC intervened and delayed the proceedings.
The regulatory concerns raised by the SEC led to the current deal, which still needs to be finalized. Voyager’s VGX token saw a 40% increase in value when news of the original agreement with Binance.US surfaced, but the token’s gains were short-lived.
When news of the new deal emerged, VGX rose 25.8% on Tuesday, but it remains to be seen if the deal will go through.
In the aftermath of the major crypto tokens crash of TerraUSD and Luna, Voyager filed for bankruptcy in July, several months later.
Voyager believes that the sale will enable its customers to retrieve 73% of their deposit’s worth at the point of Voyager’s bankruptcy filing.