Binance.US has been awarded the assets of the now-defunct cryptocurrency platform, Voyager, to the tune of $1.022 billion.
This is the “highest and best bid” made by Voyager, and is intended to reimburse customers with their cryptocurrency.
Initially, the bid was won by FTX, but the transaction fell through when the crypto exchange collapsed.
As part of the agreement, Binance.US has to make a good faith payment of $10 million and cover Voyager’s expenses up to $15 million.
The acquisition is due to be finalized by April 18, 2022, and in the event that the purchase is unsuccessful, Voyager will be given an extra month to return the funds to customers.
Voyager will then seek Bankruptcy Court authorization to enter into the asset purchase agreement with Binance.US at a hearing on January 5, 2023, and the sale will then be concluded as outlined in a Chapter 11 plan.