According to a press release issued last week, Voyager Digital, a public crypto firm is owed more than $650 million in digital assets. The report also said that Voyager was able to get funds to get more liquidity. These funds were given to them by Alameda Ventures.
This new line of credit will help Voyager meet its liquidity needs and help customers during this crucial period. Voyager is going a financial rough patch because of its exposure and dealings with Three Arrows Capital. The company owes Voyager more than 15,000 BTC and 350 million in USDC. Voyager is supposed to have issued a deadline to Three Arrows to repay.
Due to this exposure, Voyager stocks lost more than 50% of their value in under 24 hours. Because it was able to raise funds from Alameda, Voyager will now be able to meet customer demands for liquidity better and also strengthen its operations. This is critical in a volatile market. The line of credit will help Voyager to safeguard its customer assets.
In other news, BlockFi, another crypto lender has been able to secure $250 million from FTX. According to some sources, FTX is apparently discussing the prospect of buying a stake in BlockFi. Since Alameda loaned the money, Voyager will have to abide by some contractual obligations set out by the lender.
There is no doubt that Voyager intends to pursue Three Arrows Capital to get its money back. Voyager is considering available legal remedies and is not able to get an accurate idea of how much it can recover from Three Arrows.
