The U.S.-based subsidiary of crypto exchange Binance has agreed to acquire bankrupt crypto lender Voyager Digital’s assets.

In a Dec. 19 announcement, Voyager said the agreement paves the way for its customer funds to be unlocked as soon as possible. The bid, valued at around $1.022 billion, represents the market value of Voyager’s cryptocurrency portfolio and an additional $20 million of incremental value.

The company plans to seek approval for the Binance.US buyout in bankruptcy court on Jan. 5 2023 and is part of a voluntary restructuring process with the goal of returning value to customers. A source familiar with the deal told Forbes that the funds will not be transferred to Binance.US until March.

“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” said Voyager in a statement.

Earlier this year, Voyager filed for Chapter 11 bankruptcy citing market volatility and the collapse of crypto hedge fund Three Arrows Capital. In a bankruptcy filing at the time, Voyager said it held between $1 billion and $10 billion in assets.

Until recently, the now-defunct crypto exchange FTX was on track to acquire Voyager’s assets, after beating out rivals with a $1.4 billion bid. The exchange’s shocking implosion made it clear that it could naturally no longer follow through with the commitment, opening up the doors for competitors to bid on Voyager’s assets once again. 

In an interview with Bloomberg last month, Binance CEO Changpeng Zhao confirmed that its US entity would be making a fresh bid for Voyager Digital. Prior concerns over Binance’s bid potentially being a concern for U.S. national security were “rumors spread by FTX to try and push us out of the bid,” he said.