Citing the necessity to meet buyer liquidity necessities in these difficult occasions, the US-based crypto platform mentioned it had secured the mortgage within the type of a credit score facility only a day after FTX offered the identical sort of a mortgage to BlockFi.
- The corporate’s assertion knowledgeable of the scale of the mortgage, which is for $200 million money and USDC revolver, and a 15,000 BTC revolver. This makes the whole quantity round $500 million for the reason that 15K BTC is valued at round $300 million as of now.
- Voyager intends to make use of the recent funds to “safeguard customer assets in light of current market volatility and only if such use is needed.” As of June 20, the agency had roughly $152 million in money and owned crypto property, in addition to $20 million of money restricted for the acquisition of USDC.
- The assertion additional defined that the mortgage comes on account of Voyager’s publicity (350 million USDC and 15,250 BTC – over $650 million in whole) to the struggling crypto-focused VC – Three Arrows Capital (3AC).
- Voyager mentioned it had requested compensation of $25 million in USDC by June 24 and all the steadiness of USDC and BTC by June 27. Nonetheless, “neither of these amounts has been repaid, and failure by 3AC to repay either requested amount by these specified dates will constitute an event of default.”
“Voyager intends to pursue recovery from 3AC and is in discussions with the company’s advisors regarding the legal remedies available. The company is unable to assess at this point the amount it will be able to recover from 3AC.”
- This improvement comes only a day after BlockFi mentioned it had secured a $250 million credit score facility from the SBF-spearheaded FTX trade.
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