Binance Keeps Expanding its Cryptocurrency Business, Close to Acquiring Voyager Digital

Binance

Binance is the largest cryptocurrency exchange in the entire ecosystem of the crypto industry. The exchange had been launched back in 2017 but it has achieved a lot in over 5 years.

The exchange has the highest active crypto user base and it generates the highest trading volume compared any other crypto exchange.

Despite the market downfall, the Binance exchange has continued expanding in the entire world, making huge investments.

The exchange has been increasing its crypto market influence to achieve its ultimate goal. The exchange wants to bring the crypto industry close to the mainstream industry.

To achieve this goal, the exchange has been acquiring several entities that may help it interact with the mainstream industry. This way, the exchange can bring cryptocurrency services and facilities to mainstream investors.

Binance.US Close to Acquiring Voyager Digital

Binance claims that it has nothing to do with Binance.US as it acts as an independent crypto exchange in the US. However, the entire industry knows very well that Binance is responsible for pulling the strings for Binance.US.

Therefore, many call it the subsidiary of the original Binance brand. Binance.US is also aiming to increase its influence in the US market.

It wants to grow and expand its business in the US and for this purpose, it has acquired Voyager Digital. It was a major cryptocurrency lending firm that ended up filing for bankruptcy as it faced a major financial crisis.

Voyager Digital became a victim of the Terra network crash that took place at the beginning of May 2022. It has been announced that Binance.US is in talks for the acquisition of Voyager Digital.

As per reports, the exchange is aiming to acquire Voyager Digital for a whopping $1.022 billion. Binance.US went through all the strategic options to review the performance of the company.

They went through the brand’s potential to recover and expand. After going through all the checks, Binance.US came up with a bidding offer that was more than any other bidder.

Out of the $1.022 billion, $20 million would serve as adding an incremental value for the assets held by Voyager Digital.

The rest of the amount is to acquire the assets that are currently being held by the lending platform.

Announcement by Binance

Binance has confirmed that they are planning to close the deal by mid-April next year. The officials have announced that the date decided for the closure of the deal is April 18, 2023.

Binance has also confirmed that they will proceed with making a deposit worth $10 million in good faith.

The funds will be added for the sake of reimbursement to Voyager for any kind of expenses they have to deal with. The exchange has confirmed that the deposit would be increased up to $15 million.