Voyager Digital issues 3AC for a loan of around $ 665 million
Voyager Digital issues 3AC for a loan of around $ 665 million
- The commitment of Voyager Digital compared to 3AC could raise serious problems for the company, say analysts
- Three Arrows owes Voyager 15,250 bitcoins and $ 350 million in USDC
Voyager Digital has defaulted Three Arrows Capital because the company claims that the hedge fund has failed to pay payments for a loan of 15,250 bitcoins worth around $ 315 million on Monday and $ 350 million in USD (USDC).
"We work hard and quickly to strengthen our balance sheet and watch options so that we can continue to cover the liquidity needs of our customers," said Stephen Ehrlich, CEO von Voyager, in a message Montag.
Voyager, a publicly traded cryptoplate founded in 2018, enables investors to act more than 100 crypto systems and to achieve up to 12 % return on different tokens.
The Voyager platform continues to be in operation and meets customer orders and withdrawals, and its liquidity remains healthy, added the company.
On June 24, 2022, Voyager had around $ 137 million in cash and owned by crypto systems, the explanation says.
"The company also has access to the previously announced 200 million-USH and USDC revolver and a 15,000 BTC revolver from Alameda Ventures LTD," the explanation says.
The inauguration takes place, since members of the cryptocurrency industry continue to evaluate the infection risks after the obvious collapse of Three Arrows Capital and the crypto loan Celsius.
"What the market participants should take with them at the end of the day is that risk management is one of the, if not the most critical aspect of the crypto loan," said Bill Barhydt, CEO from Abra. "It has been a problem in this area for years, and now we see it first-hand with multi-billion dollar companies."
The analysts of Compass Point Research and Trading, Chris Allen and Alessandro Balbo, said last week in a research note that Voyager's commitment to Three Arrows Capital raises "survival questions" for the company.
Three Arrows Capital did not respond publicly to the inauguration and did not react immediately to the request from Blockworks for comment. A spokesman for Voyager rejected another statement.
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The Voyager Digital article issues 3AC in relief for a loan of around $ 665 million and is not financial advice.