Crypto Broker, Voyager, has decided to be cash recordings on his app. Users can withdraw money from within the application. This news comes after Voyager suspended trading, deposits, withdrawals and loyalty rewards for more than a month.
The cryptocurrency lender has pledged to restart customer access to withdrawals from August 11, as stated on the blog after by Voyager. The platform filed for bankruptcy protection earlier in July and received court approval early this month.
This approval meant that the lender could begin repaying cash to its customers in a deposit account with Metropolitan Commercial Bank. Voyager had suffered huge losses from the collapse of the crypto hedge fund Three Arrows Capital.
Voyager said customers with US dollars in their accounts will be able to withdraw up to $100,000 in a single day starting next week. These funds will be available to customers within 5-10 business days. The announcement came after the judge passed a rule this week that allowed the cryptocurrency lender to return the $270 million in customer funds held at New York’s Metropolitan Commercial Bank.
Crypto Lender’s Reorganization Policy
Voyager’s reorganization process involves “simultaneously pursuing a self-contained restructuring process and a potential sale of the company.” According to the blog post, the court has approved Voyager’s bidding procedures that will be used in arranging the entire sales process.
The bids should take place by the end of this month. In the case of a sales hearing, it could take place early next month. October 3rd is the deadline for customers who are supposed to file claims against the cryptocurrency lender, it also includes crypto ownership claims.
Former Voyager executives Shingo Lavine and Adam Lavine had suggested that the lender suspend lending operations and restart live transactions.
IT would also mean issuing a recovery token to its customers as a way to stop them. It is now clear that the cryptocurrency shooting company has decided to move forward with their original recovery plan.
Crypto Lender Voyager Rejected Buyout Offer
Sam Bankman-Fried, the Crypto billionaire, had previously offered to buy Voyager’s assets for cash at market value. It has offered to offer the customers an option to receive their share of the claims by opening a new account with FTX.
Voyager turned down that offer, saying it was a low-ball liquidation offer, primarily out of concerns about the deal not being “value-maximizing” for its customers. The cryptocurrency lender’s attorney for Voyager stated in court that the company has received a lot of bids for its assets, which is far too many compared to the offerings from FTX and Alameda.