Voyager to sell assets to Binance.US in $1 billion deal

Crypto firm Voyager Digital is selling its assets to Binance.US in a deal worth around $1 billion

Binance.US, based in Palo Alto, California, will make a $10 million deposit and reimburse Voyager for certain expenses up to $15 million

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The purchase price includes $20 million and repayments to Voyager's customers, while most of the $1 billion valuation consists of debt Voyager owes to clients

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The crypto industry has faced significant challenges this year, with nearly $2 trillion in value wiped out due to rising interest rates and economic concerns

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Some key players, such as Three Arrows Capital and Celsius Network, have struggled as a result

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FTX, a major crypto exchange, filed for bankruptcy protection last month, leading to increased regulatory scrutiny and concerns about the future of the industry

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Voyager announced in September that FTX won an auction for its assets in a bid worth approximately $1.42 billion after Voyager filed for Chapter 11 bankruptcy protection in July

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Voyager will seek Bankruptcy Court approval for the deal with Binance.US at a hearing on January 5, 2023

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FTX CEO Bankman-Fried stepped down after traders pulled billions from the platform in three days and Binance abandoned a rescue deal

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