After the FTX earthquake, the company specializing in crypto loans Voyager was among the potential collateral victims of endless aftershocks. A takeover agreement by Binance has just been announced, however, offering a welcome breath of fresh air in a crypto industry on the verge of asphyxiation.
Voyager’s long (and arduous) journey
The recent history of Voyager, a US company specializing in lending (loan) crypto sounds like a dismal litany articulated in 3 recurring acts: Voyager goes bad – Voyager seems on the verge of collapse, ready to take part of the industry with it – Voyager is redeemed in extremis by a providential hero of the moment.
Last September, it was FTX that rescued the debt-ridden Voyager, putting 1.4 billion dollars on the table (probably not its own, but that’s another story).
It is known that FTX has since gone from hero to pariah, and – among other multiple consequences – the failure of the former number 2 in the sector suddenly put Voyager back in the red, forcing the platform to issue a new call for tenders to anyone who would like to help it again.
If the platform Binance has always expressed an interest in acquiring Voyager’s core business, so things are now official: Via a Press release, Voyager announces today that an agreement has been reached for its takeover by the Chenpang Zhao platform.
This agreement, worth just over a billion dollars, provides for a full refund of service customers:
“The Binance US offering sets a clear path for Voyager customer funds to be released as soon as possible; It includes the fair market value of Voyager’s cryptocurrency portfolio at a future date to be determined, which at current market prices is estimated to be $1.002 billion, plus additional consideration equal to $20 million of additional value. »
Voyager press release
It should be noted that this takeover deal does not include Voyager’s debts, in particular vis-à-vis 3AC, the latter remaining in the fold of the file administered by the US Bankruptcy Court.
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