Binance is acquiring bankrupt crypto exchange Voyager’s things for $1 billion following the planned FTX deal failure

Binance

December 20, 2022: -Binance will get the crypto assets and people deposits of Voyager Digital in a $1.02 billion agreement, following a planned FTX-Voyager acquisition that failed due to FTX’s defeat and Sam Bankman-Fried’s going to jail.

Voyager filed for the protection of bankruptcy in July 2022 following crypto hedge fund Three Arrows Capital (3AC) defaulted on a huge loan position gone over by Voyager. At fling time, the crypto exchange had nearly $1.3 billion in assets but was over $650 million by 3AC compared to $5.8 billion worth of support at the end of 2021.

Binance.US is independent of the international Binance. Still, Reuters has stated that Binance CEO Changpeng “CZ” Zhao established Binance.US in 2017 to serve as a “regulatory inquiry clearing house” to catch and get concerns from federal regulators.

Despite the nominal independence, Binance.US worked as a “de facto subsidiary” of the international agreement.

In a press release, Voyager added that Binance.US’ offer showed “the highest and best bid for its assets following a review of strategic options with the core objective of the highest value returned to customers and different creditors on an expedited timeframe.”

More than 1.7 million Voyager users want to discover what would happen to their crypto. When FTX’s deal was announced, users would receive an account credit alongside custody of specific cryptocurrencies that FTX supported. But after many weeks, following the exposure of a multi-billion dollar balance sheet hole pressuring FTX into bankruptcy, Voyager, like many other FTX acquisition targets, was forced into the lurch.

It still needs to be made clear how Voyager’s, pending the acquisition, may impact Binance’s stake in the FTX-Alameda bankruptcy.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts

Noodle.ai | Make Profit Not Waste | Stephen Pratt

Supply chain leaders, including VPs, often find themselves making bets with unknown financial consequences. Having started with largely infeasible plans generated by deterministic “one-number” planning systems, compounded by unexpected supply or demand disruptions, they are forced into last-minute adjustments to meet operational and financial goals.

Intelichain | Revolutionary Supply Chain Planning Solutions | Roei Aviram

Unsurprisingly, today’s supply chain faces numerous issues, including sustainability, technology, global economic and political instability, talent management, and supply chain resilience. Advanced forecasting algorithms and predictive analytics are used in supply chain management to help organizations of all sizes make better decisions by providing insights into what’s going on in their business at any given moment and predicting future trends.

GAINS | Empowering Companies to Make the Right Decision | Bill Benton

Ensuring the right products are in the right place and at the right time is critical for companies also dealing with supply chain constraints and a high degree of variability. Uncertainty has become the name of the game and the only way to effectively optimize inventory through continuous, data-driven assessments, planning, and decision-making.

Extensiv | Creating the Future of Omnichannel Fulfillment | Sheridan Richey

Food Huggers, a consumer brand that designs products to reduce waste at home, may be in an enviable position now but before they found Extensiv Order Manager, managing booming orders and staying on top of inventory was a huge operational challenge. The business has inventory spread across multiple geographically distributed warehouses, with orders received via multiple sales channels, including Shopify storefronts and Amazon.

Binance is acquiring bankrupt crypto exchange Voyager’s things for $1 billion following the planned FTX deal failure