Binance accelerates Voyager assets as acquisitions continue

Binance continues its acquisition spree by securing an Indonesian exchange, as it adds Voyager digital assets to its books.

As the world’s largest crypto exchange Conflict To find auditors for its proof-of-reserves, it hasn’t finished with new acquisitions. In addition to Binance acquiring Indonesian crypto exchange Tokocrypto, Voyager Digital announced that it will sell its assets to Binance.US.

Acquisition of Tococrypto

binance announced That it will increase its stake in Indonesian cryptocurrency exchange Tokocrypto to nearly 100% over time. binance announced That it will increase its stake in Indonesian cryptocurrency exchange Tokocrypto to nearly 100% over time. In response to the announcement, Tokocrypto’s native token TKO Enhanced more than 15%.

The world’s largest exchange had earlier bought a substantial stake in Indonesian currency In 2020. As the first crypto asset provider to receive approval from national regulator Bappebti, the acquisition of Tokocrypto gives Binance a legitimate entry into the Indonesian market.

As part of the transition, Tokocrypto co-founder Pang Xue Kai will step down from his position as chief executive. In the meantime, Yudhno Rawis will serve as interim CEO during the acquisition process. However, Kai will remain on the ToCrypto board of commissioners, and will continue to “provide leadership support”.

Kai said the choice to go with Binance was made only after careful consideration of ToCrypto’s best course of action. He added that TocoCrypto hopes to “leverage Binance’s capabilities to build a more advanced physical trading platform for crypto assets.”

Rawis also said that ToCrypto has decided to streamline operations and focus on improving the performance of its trading platform. As a result, the company is suspending operations and activities of trading entities outside the exchange, which would require minor reductions.

Binance Acquires Voyager Assets

Nevertheless, as Binance continues to buy and grow firms, it is also continuing its efforts to strengthen the crypto industry. For this, its US division, Binance.US had placed forward a quote on the assets of bankrupt crypto lender Voyager Digital.

Now, Voyager Digital has announced It selected Binance.US as the “highest and best bid for its assets”. Voyager chose Binance.US after reviewing its strategic options, it said in the announcement. It argued that Binance would help it achieve its “core objective of maximizing the value returned to customers”.

The bid for Binance.US was approximately $1.022 billion. This amount includes the current fair market value of the property, plus $20 million in speculative appreciation.

Voyager said the bid “sets a clear path forward to unlock Voyager customer funds as quickly as possible.” Binance.US said it aims to return cryptocurrencies to customers in accordance with court-approved distribution and platform capabilities.

However, the announcement reminded that Voyager’s claims on Three Arrows Capital remain with the bankruptcy estate. It added that future recoveries on these and other non-issued claims would be distributed to creditors of the estate.

disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.


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