{"id":12977,"date":"2022-06-27T00:54:53","date_gmt":"2022-06-27T00:54:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-voyager-digital-secures-a-500m-line-of-credit-from-alameda-ventures-to-cope-with-3ac-exposure-bitcoin-news\/"},"modified":"2022-06-27T00:54:53","modified_gmt":"2022-06-27T00:54:53","slug":"crypto-firm-voyager-digital-secures-a-500m-line-of-credit-from-alameda-ventures-to-cope-with-3ac-exposure-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-voyager-digital-secures-a-500m-line-of-credit-from-alameda-ventures-to-cope-with-3ac-exposure-bitcoin-news\/","title":{"rendered":"Crypto Firm Voyager Digital Secures a $500M Line of Credit From Alameda Ventures to Cope With 3AC Exposure \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Three days ago, Bitcoin.com News reported on the publicly listed company Voyager Digital after the crypto firm announced that it was owed $655 million worth of digital assets. Now according to a press release from Voyager, the company has secured funds from Alameda Ventures in order to get more access to liquidity.<\/strong><\/p>\n

Voyager Borrows $500 Million from Alameda<\/h2>\n

Voyager Digital Holdings, Inc. has revealed a collaboration with Alameda Ventures as the venture company has provided Voyager with a line of credit. The funds are \u201cintended to help Voyager meet customer liquidity needs during this dynamic period.\u201d Last week, reports noted that Voyager was suffering through financial hardship due to its exposure with Three Arrows Capital (3AC). Voyager said in a note to investors that it is owed 15,250 BTC<\/a> and 350 million USDC, and the company gave 3AC a deadline to pay back the funds.<\/p>\n

Voyager\u2019s TSX-listed stock plummeted after the announcement losing more than 50% in value in less than 24 hours. By borrowing from Alameda, Voyager will use the funds to meet customer liquidity demands and strengthen operations during the crypto market volatility. \u201c[Voyager] entered into a definitive agreement with Alameda for a US$200 million cash and USDC revolver and a 15,000 BTC<\/a> revolver,\u201d Voyager said in a statement. The company added:<\/p>\n

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As previously disclosed, the proceeds of the credit facility are intended to be used to safeguard customer assets in light of current market volatility and only if such use is needed.<\/p>\n<\/blockquote>\n

Alameda Applies Certain Loan Conditions<\/h2>\n

Meanwhile, the news follows the crypto lender Blockfi securing<\/a> a $250 million line of credit from FTX. Following the loan, a report<\/a> published by the Wall Street Journal claims that FTX is discussing purchasing a stake in Blockfi. While Alameda is offering Voyager funds, there are some conditions that Voyager must abide by. For instance, \u201cAlameda\u2019s obligation to provide funding is subject to certain conditions, including: no more than US$75 million may be drawn down over any rolling 30-day period.\u201d The loan agreement summary<\/a> further adds:<\/p>\n

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[Voyager\u2019s] corporate debt must be limited to approximately 25 percent of customer assets on the platform, less US $500 million; and additional sources of funding must be secured within 12 months.<\/p>\n<\/blockquote>\n

Voyager still intends to pursue assets from 3AC and has been discussing the \u201clegal remedies available.\u201d The announcement notes that Voyager is \u201cunable to assess at this point the amount it will be able to recover from 3AC.\u201d On June 21, Voyager\u2019s shares listed on TSX were trading for $1.23 per unit, and today, the stock is exchanging hands for $0.58 per unit. Additionally, Alameda indirectly holds 22,681,260 common shares of Voyager, equating to 11.56% of outstanding common and variable voting shares.<\/p>\n

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\nTags in this story
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$500M<\/a>, $655 million loan<\/a>, 3AC<\/a>, 3AC loan default<\/a>, alameda<\/a>, Alameda Ventures<\/a>, Bitcoin (BTC)<\/a>, Blockfi<\/a>, Credit Line<\/a>, Crypto<\/a>, Cryptocurrency<\/a>, defaulters<\/a>, Digital Assets<\/a>, ftx<\/a>, loan<\/a>, loan default<\/a>, loans<\/a>, Stock Market<\/a>, Three Arrows Capital<\/a>, TSX-listed<\/a>, usd coin (USDC)<\/a>, voyager<\/a>, VOYG-T<\/a>, VOYG-T stock<\/a><\/div>\n<\/div>\n

What do you think about Voyager securing a line of credit from Alameda? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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