For $1.022 billion, cryptocurrency exchange Binance.US will acquire the assets of bankrupt crypto lender Voyager Digital, according to a press release published on Dec. 19. Following a review of strategic options, Binance.US was deemed to be the “highest and best bid for its assets.”

A $1.022-billion bid includes Voyager’s fair market value for its cryptocurrency portfolio at a future date, along with $20 million in incremental value.

Binance has agreed to make a $10-million deposit in good faith and reimburse Voyager for certain expenses up to a maximum of $15 million, subject to court approval on January 5, 2023. The deal is set to close by April 18, 2023.

A $650 million loan default by defunct hedge fund Three Arrows Capital caused Voyager to halt withdrawals in July and file for bankruptcy. Cointelegraph reported in October that troubled cryptocurrency exchange FTX US bid for Voyager’s assets for $1.4 billion. In the previous deal, senior claims were paid in full and unsecured creditors were able to recover 72% of their account value.