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 struggles to find auditors for its proof-of-reserves, it has not ceased with new acquisitions. In addition to Binance acquiring Indonesian crypto exchange Tokocrypto, Voyager Digital announced it would sell its assets to Binance.US.
Acquisition of Tokocrypto
Binance announced that it would be periodically raising its stake in the Indonesian cryptocurrency exchange Tokocrypto to nearly 100%. Binance announced that it would be periodically raising its stake in the Indonesian cryptocurrency exchange Tokocrypto to nearly 100%. In response to the announcement, Tokocrypto’s native token TKO surged over 15%.
The world’s largest exchange had previously purchased a substantial stake in the Indonesian exchange in 2020. As the first crypto asset provider to receive approval from the national regulator Bappebti, Tokocrypto’s acquisition provided Binance with 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. Meanwhile, Yudhono Rawis will serve as interim CEO during the acquisition process. However, Kai will remain on the Tokocrypto 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 Tokocrypto’s best course of action. He said Tokocrypto hopes to “utilize Binance’s ability to build a more advanced physical trading platform for crypto assets.”
Rawis also said that Tokocrypto had decided to streamline operations and focus on improving the performance of its trading platform. Consequently, the company is suspending operations and activities of business units outside the exchange, which will require a mild downsizing.
Binance Wins Voyager Assets
Yet, as Binance continues to purchase and develop firms, it is also continuing its efforts to buttress the crypto industry. To this end, its American division, Binance.US had put forward a bid on the assets of bankrupt crypto lender Voyager Digital.
Now, Voyager Digital has announced that 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 best help it achieve its “core objective of maximizing the value returned to customers.”
The Binance.US bid amounted to approximately $1.022 billion. This amount comprises the current fair market value of the assets, as well as $20 million in speculative appreciation.
Voyager said the bid “sets a clear path forward for Voyager customer funds to be unlocked as soon as possible.” Binance.US said it aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.
However, the announcement recalled that Voyager’s claims on Three Arrows Capital remain with the bankruptcy estate. Any future recovery on these and other non-released claims would be distributed to the estate’s creditors, it added.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.