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- Voyager has joined forces with Alameda Ventures because the organization has offered them a line of credit.
- In another similar news, BlockFi secured a $250 million line of credit from Sam Bankman Fried’s FTX crypto exchange.
- Alameda Research is a top-notch principal trading organization. The firm was founded by SBF, who is also the CEO of FTX.
$500 Million For Voyager
Voyager Digital Holdings Inc. has unveiled that they are joining forces with Alameda Ventures, a venture organization that has offered them a $500 million line of credit.
This fund was offered to the organization in hopes to assist Voyager to meet client liquidity requirements during this unstable time.
As per the report unveiled during the previous week, Voyager was going through financial difficulties because of the exposure with Three Arrow Capital.
As per their statement to the investors, they had to take a total of 350 Million and 15,250 Bitcoin from 3AC, but they didn’t pay them back.
TSX-listed shares of Voyager plummeted after they announced the damage of over 50% in under 24 hours. Through this borrowing from Alameda, they will utilize the funds to meet client liquidity demands, and make the operations robust during this crypto havoc.
In other news, BlockFi, a cryptocurrency lender, secured a $250 million line of credit from Sam Bankman Fried-owned FTX cryptocurrency exchange. As per a report issued by WSJ FTX is eyeing acquiring a stake in BlockFi.
While Voyager is getting funds from Alameda, there are a few conditions that need to be fulfilled.
For example, over $75 Million cannot be drawn down during a 30-day rolling period.
Voyager is still waiting for the Three Arrows Capital to return what they borrowed from them and has been involved in legal conflicts because of this.
As of now, Voyager Digital Holdings were trading at a market value of $0.59, bullish by 7.09% during the past 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
