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Voyager Digital Secures $500M Credit Facility Loan From Alameda Following 3AC Fiasco

Citing the need to meet customers’ liquidity needs during these challenging times, the US-based crypto platform said it received the loan just a day after FTX BlockFi provided the same type of loan, in the form of a credit facility secured.

  • The company’s statement informed the amount of the loan, which was $200 million in cash and USDC revolvers and a 15,000 BTC-Turret totals. That brings the total amount to around $500 million, as the 15,000 BTC is currently worth around $300 million.
  • Voyager intends to use the fresh funds to “protect customers’ assets in the face of current market volatility and only when such use is necessary.” As of June 20, the company had approximately $152 million in cash and crypto assets owned and $20 million in cash restricted to purchase USDC.
  • The statement further explained that the loan stems from Voyager’s commitment (350 million USDC and 15,250 BTC – totaling over $650 million) to ailing crypto-focused VC – Three Arrows Capital (3AC).
  • Voyager said it has requested repayment of $25 million in USDC by June 24 and the full balance of USDC and BTC by June 27. However, “none of these amounts have been repaid and 3AC’s failure to repay any of the requested amounts by these specified dates constitutes an event of default.”

“Voyager intends to proceed with 3AC’s recovery and is in discussions with the company’s advisors regarding available remedies. The company is currently unable to estimate the amount it can recover from 3AC.”

  • This development comes just a day after BlockFi announced it had secured a $250 million credit facility from the FTX exchange’s SBF spearhead.

Source: Crypto News Deutsch

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