Crypto exchange Binance.US reportedly plans to continue its mergers and acquisitions (M&A) activity.
Bloomberg reported Monday (Dec. 19) that the crypto exchange has “hundreds of millions of dollars” in current assets from its April funding round and plans to gain additional assets, users, technology, products and services via M&A moves.
“We are in the data room for many other assets that make sense as we focus on growth,” Binance.US CEO Brian Shroder said in the report. “We are learning about the deals. We are also looking at several firms that are in trouble right now.”
Binance.US, which is a separate legal entity with a licensing agreement with Binance.com, is an exchange with millions of users. It doesn’t offer derivatives trading or margin trading as Binance.com does, though, according to the report.
Binance.US did not immediately reply to PYMNTS’ request for comment.
This news comes a day after Binance.US announced that it will acquire the assets of bankrupt crypto lender Voyager Digital for $1.022 billion after Voyager determined it had made the highest and best bid for its assets.
Voyager Digital filed for Chapter 11 bankruptcy protection on July 5, telling the bankruptcy court for the Southern District of New York that it was “facing a short-term ‘run on the bank’” after a borrower defaulted on a $650 million loan.
“We hope our selection brings to an end a painful bankruptcy process which saw customers unfairly dragged into it at no fault of their own,” Shroder said in a Sunday (Dec. 18) blog post. “Upon close of the deal, users will be able to seamlessly access their digital deposits on the Binance.US platform, where they will continue to receive future disbursements from the Voyager estate.”
Binance.US said in the blog post that it was established and structured to adhere to U.S. regulations and that its security infrastructure is enhanced with Binance technology. The firm added that it closed its $200 million seed round, remains well capitalized and maintains 1:1 reserves.
The firm’s first external fundraising effort valued it at $4.5 billion. Binance.US said April 6 that it will use the capital to improve its spot trading initiative, launch a new suite of products and pay for marketing and educational efforts.
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