As a result of obtaining a $500 million credit line from Alameda Ventures, Voyager Digital announced a partnership with a commercial company on June 22. The funding “will help Voyager meet customer revenue needs at this critical time,” the statement said. Last week, there were indications that Voyager was having financial issues as a result of its exposure to Three Arrows Capital (3AC). In a letter to investors, Voyager said it owed 350 million USDC and 15,250 BTC. The company also established a 3AC refund cutoff date.
Following the announcement, Voyager shares on the TSX list crashed, losing more than 50% of their value in less than 24 hours. Voyager will intensify its operations during the cryptocurrency market turmoil with Alameda borrowing and will use the funds to deal with customer payment requests.
Voyager stated the following:
“As previously reported, the funds of the credit arrangement are only to be used if necessary to protect customer assets from the present market volatility.”
Loan Conditions
In the meantime, the report is related to Blockfi, a cryptocurrency lender, getting a $250 million line of credit from FTX. After the loan, according to a Wall Street Journal article, FTX is allegedly in talks to buy a share of Blockfi. Alameda is giving Voyager money, but there are some requirements that Voyager must follow. For instance, “Alameda’s duty to make cash available is subject to certain terms, including that no more than $75 million may be called down during any rolling 30-day period.”
Voyager has been talking about “legal remedies available” and is still planning to pursue goods from 3AC. According to the release, Voyager “is unable to assess currently the amount of money it will be able to earn at 3AC.”
Read more: Voyager Digital announces an expected revenue of USD 100-105 million
