Citing the need to meet customer liquidity requirements during these difficult times, the US-based crypto platform said it secured the loan in the form of a line of credit just a day after FTX provided the same loan to BlockFi.
- companies statement announced the size of the loan, which is 200 million dollars in cash and a revolver in US dollars, as well as a revolver of 15,000 BTC. This adds up to a total of about $500 million, as 15,000 BTC is currently valued at about $300 million.
- Voyager intends to use the new funds to “protect client assets in light of current market volatility and only if such use is necessary.” As of June 20, the firm had approximately $152 million in cash and crypto assets, as well as $20 million in cash capped to buy USDC.
- The statement also explains that the loan is provided by Voyager ($350 million and 15,250 BTC — more than $650 million in total) to crypto-focused venture capital firm Three Arrows Capital (3AC).
- Voyager said it has requested a payout of $25 million in USD by June 24 and the entire balance in USD and BTC by June 27. will constitute a default event.
“Voyager intends to recover damages from 3AC and is discussing available remedies with the company’s advisors. At this time, the company is unable to estimate the amount it will be able to recover from 3AC.”
- The event comes just a day after BlockFi said it received a $250 million loan from SBF-led exchange FTX.
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Credit : cryptopotato.com