- The main purpose is to maximize the value returned to the client
- Voyager’s claim to Three Arrows Capital is still in the bankrupt estate
- Binance.US will make a good faith deposit of $10 million and refund up to $15 million to Voyager.
After reviewing strategic options, Voyager Digital LLC, the operating arm of Voyager Digital Ltd., selected the bid of US exchange BAM Trading Services Inc. (operating as Binance.US) as the best and best for its assets. selected as
The main aim is to maximize the value returned to clients and creditors as soon as possible, CoinJournal said. press release.
Binance.US was founded in Delaware and is headquartered in Palo Alto, California. Although it has a license agreement with Binance.com, it is an independent legal entity.
The bid was just over 1 billion
The bid from Binance.US is around $1.022 billion. This consists of a set fair market value of Voyager’s cryptocurrency portfolio valued at $1.02 billion at current market prices, plus additional consideration equal to an incremental value of $20 million.
Voyager’s claims against Three Arrows Capital are still in bankruptcy. The administrator distributes future collections of claims to property creditors.
Binance.US bids are intended to return virtual currency to clients in kind, subject to the platform’s functionality and payouts as determined by the court. Voyager had planned to transfer the assets to her FTX, but it never happened.
Binance refunds up to $15 million to Voyager
Binance.US will make a $10 million deposit in good faith and refund up to $15 million to Voyager for certain expenses. If he doesn’t get a deal by April 18th next year (with a possible one-month extension), Voyager could move to return the value quickly.
A string of high-profile bankruptcies
A bankruptcy court must allow Voyager Digital LLC to enter into an asset purchase agreement with Binance.US. Each hearing is scheduled for January 5, 2023.
The sale to Binance.US will be concluded according to the plan in Chapter 11. It is subject to a number of customary termination conditions, including creditor votes. Voyager’s is one of a series of bankruptcies of major cryptocurrency platforms.
Binance.US and Voyager will work together to complete the transaction as soon as possible after the bankruptcy court approves the Chapter 11 plan. The purchase agreement follows Voyager entering a voluntary restructuring process aimed at returning maximum value to his customers on July 5, 2022.