Binance.US, the US branch of the popular cryptocurrency exchange, has announced that it will buy the assets of Voyager Digital, a cryptocurrency lending platform that has been having trouble. This is a big step toward stabilizing the cryptocurrency market.
The announcement, made on Monday, states that Binance.US will be purchasing Voyager’s assets for a sum of USD $1.022 billion. The move is seen as a way to help users affected by Voyager’s recent bankruptcy, which was caused by the failure of crypto hedge fund Three Arrows Capital (3AC).
According to Binance.US CEO Catherine Coley, the acquisition will allow affected users to gain access to their locked-up cryptocurrency funds and move forward with their investment plans.
“We are committed to helping Voyager’s users navigate this difficult time and regain access to their funds,” Coley said in a statement. “This purchase shows how much we care about the cryptocurrency community and how much we believe in digital assets’ long-term potential.”
Voyager Digital‘s bankruptcy, which was announced on June 11, was caused by an exposure of more than USD $650 million to 3AC. The company was one of several cryptocurrency lenders affected by the failure of the hedge fund.
The purchase should be finished in the next few weeks, and Binance.US has already started working with the right people to make sure the change goes smoothly. In the meantime, the company has assured users that it will do everything in its power to protect their interests and ensure that they are able to access their funds as soon as possible.
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