Binance US, the famous global exchange American subsidiary, has agreed to purchase the assets of the now-bankrupt crypto brokerage company Voyager Digital for a massive $1.022 billion.

The proposal represents the fair market value of Voyager’s cryptocurrency asset, which is now valued at around $1 billion. In addition, plus a further payment of $20 million in value addition.

According to a Monday press release, Binance.US was the “highest and best offer” for its assets. After a highly competitive bidding process, Voyager seems to have finally found a buyer for its assets.

The transaction is set to close in April 2023. However, it will be executed once the bankruptcy court accepts the sale deal on January 5.

Meanwhile, Binance US has agreed to give a fair and reasonable deposit of $10 million and repay Voyager for some charges to $15 million.

After crypto prices crashed, Voyager, on July 1, restricted customers from withdrawing their money.

Its clients afterward became corporate creditors in bankruptcy court, forced to wait in line with restructuring lawyers and financiers as newbie users in a possibly tricky process to get their crypto back.

We hope our decision puts an end to a painful bankruptcy process that saw consumers unfairly pulled into it at no fault of their own.

Binance US President and CEO Brian Schroder tweeted.

1/ Today, @BinanceUS was selected highest and best bid in Voyager’s reopened bankruptcy asset auction. Once the deal is completed, Voyager users will finally be able to access their digital assets on the https://t.co/Wc26vMosC4 platform.

Read: https://t.co/gBK5m3kcYn

— Brian Shroder (@BrianShroder) December 19, 2022

He also stated that once the transaction is completed, Voyager members would be able to access their crypto funds via new accounts at Binance.US as early as March 2023.

FTX US’s Best Bid Before Binance US 

On September 26, it announced that Voyager Digital had chosen FTX US as the best bidder for its assets. Therefore, after many rounds of selling in a two-week, highly competitive auction process bid was completed.

FTX US’s bid is for around $1.422 billion, which includes the fair market value of all Voyager cryptocurrency at a future date to be set, which was expected to be $1.311 billion at current market values, plus extra payment worth approximately $111 million.

The asset purchase agreement between Voyager Digital and FTX US was presented for approval to the U.S. Bankruptcy Court for the Southern District on Wednesday, October 19, and the deadline for objections was October 12, 2022.

The sale to FTX US was scheduled to close under a chapter 11 plan, which was subject to a creditor vote and other usual closing conditions.

In November 2022, FTX collapsed within ten days. During that time, with potential leverage and solvency concerns, the crypto. Due to a liquidity issue, the exchange attempted to arrange a rescue with rival Binance, which immediately fell through.

The U.S. Attorney Damian Williams claimed the charges against the former CEO it was the greatest financial crimes in American history.

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After a rapid fall from grace, FTX filed for Chapter 11 bankruptcy protection on November 11, 2022.

The company’s valuation plummeted from $32 billion to bankruptcy, reducing Sam Bankman-Fried’s $16 billion net worth to near zero.

The fall of FTX shocked the volatile cryptocurrency market, which lost billions of dollars in value, dropping below $1 trillion.