Troubled crypto lending platform Voyager Digital says it will resume cash withdrawals for its customers later this week after filing for bankruptcy last month.
According to a new company blog post, a court has approved the crypto company’s plan to reopen access to customers’ cash holdings as early as August 11.
“Yesterday the court agreed to our proposal to restore access to Voyager customers’ cash holdings at the Metropolitan Commercial Bank. We know how important it is to access your cash and with that approval we will start processing cash withdrawals soon.
We expect access to the Voyager app for cash withdrawals to be available again from Thursday 11th August. Customers who have cash (US dollars) in their accounts will receive an email with further details before access to in-app cash withdrawals is available again.”
In early July, Voyager halted all trading, deposits, and withdrawals for customers after a prominent borrower, crypto hedge fund Three Arrows Capital (3AC), failed to repay a loan worth hundreds of millions of dollars.
“We have made the difficult decision to temporarily suspend trading, deposits, withdrawals and loyalty rewards… The failure of one borrower, Three Arrows Capital (3AC), to repay a sizeable loan from us makes this the right move.
While this decision is far from optimal, it gives us time to work on strengthening our balance sheet – a necessary requirement to protect assets and ensure the future of the Voyager platform we have built together.”
According to Voyager, it will take around five to 10 business days for customers to receive their funds after submitting their applications.
Featured Image: Shutterstock/klyaksun/LongQuattro
Source: Crypto News Deutsch