Crypto company Voyager Digital Ltd has announced that it will sell its assets to Binance.US following a review. A deal worth about $1 billion has reportedly been struck for this.
Hard hit by market situation
Binance.US, which operates as an independent legal entity licensed from Binnace.com, will reportedly pay a deposit of approximately $10 million. It will also reimburse Voyager for certain expenses, capped at $15 million.
Voyager has also been hit hard by the current market conditions in the crypto market and growing concerns about an economic downturn. Several players have already been eliminated, including the Celsius Network and Three Arrows Capital.
In July, Voyager filed for Chapter 11 bankruptcy protection. At the time, they reportedly had an offer from FTX for about $1.42 billion for its assets. However, FTX also fell, so that bid also fell. Voyager said it will seek bankruptcy court approval for the Binance.US deal at a hearing scheduled for January 5, 2023.
Although the deal has yet to be officially approved, it is not expected to cause any problems.