Voyager Digital Halts Withdrawals and Other Companies

Voyager Digital Halts Withdrawals and Other Companies

The alternate joins an ever-increasing list of corporations pausing withdrawals, suspending services and products, or experiencing other liquidity crises.

Shutterstock photo by T. Schneider

Key Takeaways

  • Voyager Digital announced on the present time that this could occasionally maybe well at this time suspend withdrawals and most other services and products.
  • The corporate faced a liquidity crisis closing month, as Three Arrows Capital defaulted on a $665 million loan.
  • Though Voyager got one other loan from Alameda Overview, it nonetheless halted services and products on the present time.

Voyager Digital has announced that it’s a long way at this time suspending withdrawals and most other monetary services and products.

Voyager Suspends Most Companies

In a weblog post, Voyager talked about that this could occasionally maybe well at this time suspend trading, deposits, withdrawals, and loyalty rewards. This also can impartial moreover conclude purchasers from using their Voyager debit playing cards.

Customers will, however, serene be in a region to request market knowledge on Voyager’s app. The company will also ship out reward payments for June and says that it plans to continue paying rewards in July.

The restrictions came into create on the present time at 2: 00 p.m. ET on the present time, 45 minutes ahead of the corporate’s announcement of the alternate.

Voyager did no longer indicate when it could maybe maybe presumably reopen its services and products to its purchasers. Moderately, it talked about that it’s a long way “no longer in a speak to enlighten the leisure on the present time” and added that it’s a long way “hopeful that [the company] will dangle extra to portion at this time.”

The company talked about that this could occasionally maybe well explore strategic choices, noting that it’s a long way in discussions with other companies “relating to extra liquidity and the fling-ahead strategy for the corporate.”

Voyager did no longer explicitly verify or dispute whether these discussions also can lead to a buyout of the corporate.

Voyager Secured Loan Closing Week

Voyager Digital has been attempting to elevate up solvency all the procedure in which through June’s industry-large crypto liquidity crisis.

On Jun. 22, Voyager secured a loan price over $500 million in money and crypto from Sam Bankman-Fried’s Alameda Overview.

That loan used to be supposed to substitute funding from Three Arrows Capital, which defaulted on a $665 million loan this week. Voyager talked about on the present time that it’s a long way serene attempting to get better 3AC’s loan throughout the court project within the British Virgin Islands.

Voyager is no longer the categorical company that has halted its services and products in present weeks. Celsius used to be the foremost crypto company to suspend withdrawals on June 13. Other companies comparable to CoinFLEX and Babel Finance dangle performed the identical in present weeks.

As Bitcoin costs stay at a low no longer seen since December 2020, it seems likely that other corporations combating the crypto frigid climate also can discontinue services and products within the shut to future as smartly.

Disclosure: At the time of writing, the author of this portion owned BTC, ETH, and other cryptocurrencies.

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