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Abstract:Crypto business Voyager Digital Ltd will sell its assets to Binance.US in a transaction valued at around $1 billion after a review.
Based in Palo Alto, California Binance.US, which operates as a separate legal organization with a license arrangement with Binance.com, will deposit $10 million and repay Voyager for certain expenditures up to $15 million. The acquisition price of $20 million includes repayments to Voyager's consumers, but the majority of the $1 billion value includes debt owed to clients.
This year, the crypto industry has lost about $2 trillion in value as interest rates rise, heightening fears of an economic slump. The downturn has resulted in the demise of significant industry firms such as Three Arrows Capital and Celsius Network.
The greatest hit, though, came when major cryptocurrency exchange FTX declared bankruptcy last month. Its precipitous collapse has also prompted an intense regulatory examination of how large exchanges manage customer cash.
After filing for Chapter 11 bankruptcy protection in July, Voyager Digital announced in September that FTX had won an auction for its assets in an offer valued at around $1.42 billion.
Voyager said on Monday that it would seek clearance from the Bankruptcy Court for the merger with Binance.US at a hearing on January 5, 2023.
FTX declared bankruptcy last month, and Bankman-Fried resigned as CEO after traders withdrew billions from the site in three days and rival exchange Binance abandoned a rescue proposal.
The drop has stoked anxieties about the future of the crypto sector as FTX highlighted a “serious liquidity issue”.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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