The agreement comes after CoinDesk had reported last month that Binance was preparing a bid for Voyager’s assets.
The bid represents the fair market value of Voyager’s cryptocurrency portfolio, which has a current market value of around $1.002 billion, and an additional consideration of $20 million in incremental value.
“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” Voyager said in the statement.
Binance CEO Changpeng “CZ” Zhao had said last month that exchange’s U.S. wing would be making a fresh bid for Voyager Digital. CoinDesk had earlier reported that Binance was preparing a bid for the bankrupt crypto lender’s assets.
Binance.US will make a good faith deposit of $10 million and will reimburse Voyager for certain expenses up to $15 million. Voyager will also seek the approval of the bankruptcy court at a hearing on Jan. 5, 2023.
Voyager, which went into bankruptcy earlier this year, had agreed to sell its assets to the now-defunct crypto exchange FTX, with FTX beating out rivals Wave Financial and Binance for the assets.
VGX, the native token of Voyager Digital, skyrocketed over 32% after Binance won the bid. VGX was trading at about 38 U.S. cents at the time of writing. Binance’s BNB token also rose over 1% on the news, trading at $250.
BY: Parikshit Mishra
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