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Voyager Crypto will sell assets to Binance. US deals with $1 billion.

Crypto will sell assets to Binance. US deals with $1 billion

Voyager Crypto will sell assets to Binance. US deals with $1 billion.

Voyager Digital Ltd., a cryptocurrency company, said on Monday that it will sell its assets to Binance.
US in a deal estimated to be worth $1 billion after a review.Based in Palo Alto, California Binance.US will deposit $10 million and repay Voyager for some costs up to $15 million. Binance.US is a separate legal organisation that has a licencing arrangement with Binance.com.

This year, the crypto market has lost about $2 trillion in value due to rising interest rates and growing concerns about an impending recession. Crucial business actors like Celsius Network and Three Arrows Capital have been decimated by the downturn.

The greatest hit, though, was when the largest cryptocurrency exchange FTX sought bankruptcy protection last month. Due to its quick decline, major exchanges’ user money holding practises are now under intense regulatory scrutiny.

After Voyager Digital filed for Chapter 11 bankruptcy protection in July, the company announced in September that FTX had won an auction for its assets in an offer estimated to be worth $1.42 billion.At a hearing on January 5, 2023, Voyager announced on Monday that it will ask the Bankruptcy Court to approve the agreement with Binance.US.

Bankman-Fried resigned as CEO of FTX last month after traders withdrew billions from the platform in just three days and a competing exchange, Binance, abandoned a rescue plan. As a result, FTX filed for bankruptcy.

After FTX warned of a “serious liquidity issue,” the drop has increased concerns about the viability of the cryptocurrency industry.

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