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The current bearish market situation has led to major cryptocurrencies and related entities to face hard times. And the ongoing downtrends caused the crowned crypto-asset Bitcoin (BTC) to break the major support level of $20,000 as it dropped below that recently.
This has massively impacted the entities like Celsius, the crypto lending service provider, and Three Arrows Capital, the crypto hedge fund, etc.
And now, the team behind Voyager Digital Limited has recently announced that it has secured loans from Alameda Research led by Sam Bankman Fried, which is 200 Million USDC and 15,000 Bitcoin (BTC).
The team at Voyager Digital also highlighted that they had signed a non-binding term sheet with Alameda Research in order to secure a revolving line of credit, providing Voyager with access to further Capital. Given the present volatile crypto market conditions, this term sheet was pursued.
According to Stephen Ehrlich, Voyager’s Chief Executive Officer, the term sheet will safeguard the customer assets. He signified that the actions gave Voyager more flexibility to mitigate current market conditions and enhance their relationship with one of the leaders in the space.
And that safeguarding customer assets is always their top priority, and the ongoing, prudent risk management along with a strong balance sheet are the two ways that they continue to demonstrate that priority.
Furthermore, the term sheet between the two entities also provides for revolving term credit facilities, each having a term that expires on December 31, 2024, along with an annual interest rate of 5% payable on maturity.
The initial credit facility has an aggregate principal amount of $200 million USDC, whereas the second revolving credit facility is for $15,000 Bitcoin (BTC). The Voyager team has also asserted that the company has an additional $200 Million worth of assets on its Balance sheet.
At the time of writing, Bitcoin (BTC) is exchanging hands at $20,534 with a market cap of $391,633,051,227 and is up by around 10% in the last twenty-four hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
