Cryptocurrency exchange Binance.US is exploring more buying opportunities after it agreed to buy the assets of Voyager Digital from bankruptcy in a deal valued at $1.02 billion on Monday.
“We Are Looking At Other Cryptocurrency Companies In Trouble”
Binance.US CEO Brian Shroder said in an interview:
“We are in the process of gaining insights for many other assets that make sense as we are focused on growth. We learn about the deals. We are also looking at a few companies that are currently in distress.”
Shroder said that the purpose of any M&A deal will be to add new users and assets to the Binance.US platform, as well as add technology, products or services that it does not currently have.
He added that there is no amount reserved for acquisitions and that the exchange still has “hundreds of millions of dollars in current assets” from its growth round.
Binance.US had raised more than $200 million in April, with a valuation of $4.5 billion.
Shroder said of Sam Bankman-Fried, whose previous deal to buy Voyager assets fell through as the FTX stock market crashed, “There was a rumor that Sam was the Prince Charming, it turned out that the Prince Charming was not real,” and added:
“We were never interested in being perceived that way. My goal is for Binance.US to be perceived as a boring but reliable crypto exchange.”
Binance.US, a smaller exchange with millions of users, is a separate legal entity with a license agreement with Binance.com, the world’s largest crypto platform. The US branch is majority owned by the parent company’s founder and CEO, Changpeng Zhao. The US version, unlike the parent company, does not offer derivatives trading or margin trading.
*Not investment advice.
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