Troubled crypto lending platform Voyager Digital is announcing plans to resume cash withdrawals for customers this week after filing for bankruptcy last month.
According to a new company blog post, a court approved the crypto firm’s plan to reopen access to customers’ cash as early as August 11.
“Yesterday, the court approved our proposal to restore access to cash held at the Metropolitan Commercial Bank on behalf of Voyager’s customers. We know how important it is to have access to your funds and with this approval we will begin processing cash withdrawals shortly.
We expect to resume access to the Voyager app for cash withdrawals only starting Thursday, August 11. Customers with cash (US dollars) in their accounts will receive an email with more details before access to in-app cash withdrawal becomes available.”
In early July, Voyager halted all trading, deposits and withdrawals for clients after a prominent borrower, crypto hedge fund Three Arrows Capital (3AC), failed to repay a loan worth hundreds of millions of dollars.
“We have made the difficult decision to temporarily suspend trading, deposits, withdrawals and loyalty rewards… The failure of a borrower, Three Arrows Capital (3AC), to repay a substantial loan from us makes this the right way forward.
This decision, while far from optimal, will give us time to work on strengthening our balance sheet, a necessary condition to protect assets and preserve the future of the Voyager platform we have built together.”
Voyager says it takes about five to 10 business days for customers to receive their funds after they submit their request.
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