Binance.US, Binance’s American subsidiary, has emerged as the “highest and best bidder” for bankrupt Voyager’s assets.
The total amount is approximately $1.022 billion, which includes the latter firm’s crypto portfolio as well as “additional consideration equal to $20 million in incremental value,” according to the announcement.
The winning bidder has been identified as Binance.US, but the deal will not be officially executed until the Bankruptcy Court approves Voyager’s request to do so on January 5.
The company listed over 100,000 creditors in its bankruptcy filing. The term “independent” refers to a person who does not work for the government.
Meanwhile, Binance has finalised its acquisition of Tokocrypto, according to a press release.
“This decision was made after careful consideration. We decided that the best step for Tokocrypto going forward is to utilize Binance’s capabilities to build a further physical trading platform for crypto assets.” Pang Xue Kai, CEO & Co-founder of Tokocrypto, said in a release.
Binance has always been a majority shareholder of the company, Binance CEO Changpeng “CZ” Zhao confirmed in a tweet, but this move “[injects] more cash and increased our shareholding.”
As part of the acquisition, Kai will step down from his position but will remain on the board.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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