Share this article
Crypto Lender Voyager Digital to Reopen Cash Withdrawals Next Week
The company, which is undergoing bankruptcy proceedings, received court approval for the $270 million plan on Thursday.
By Danny Nelson
Updated May 11, 2023, 4:21 p.m. Published Aug 5, 2022, 5:03 p.m.
Make us preferred on Google
Crypto-lender Voyager Digital said Friday it plans to "restore access" to cash deposits on Aug. 11, the company's first step in returning up to $270 million in fiat currency to its customers.
The plan comes after Voyager, which is going through bankruptcy proceedings, gained court approval Thursday to honor customers' dollar withdrawal requests from Metropolitan Commercial Bank, where Voyager had a deposit account. In a blog post, Voyager said it could take 5 to 10 days to process return requests.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Voyager, which is helmed by CEO Steve Ehrlich, filed in July for bankruptcy protection after suffering massive losses stemming from the implosion of crypto hedge-fund Three Arrows Capital and the broader crypto-market downturn. Its customers had lent it billions of dollars in crypto assets. Those tokens remained locked up for now.
In the blog post, Voyager said it is "pursuing a standalone restructuring process" in an effort to "maximize the value of crypto on the platform."
More For You
Popular burger joint Steak ’n Shake says bitcoin adoption boosted sales ‘dramatically’
Bitcoin payments are directed to a Strategic Bitcoin Reserve, used to fund employee bonuses according to the company.
What to know:
- Steak 'n Shake reports a dramatic rise in same-store sales and a 50% reduction in processing fees since accepting bitcoin payments.
- Bitcoin payments are directed to a Strategic Bitcoin Reserve, used to fund employee bonuses.
- Steak n Shake added $10 million in bitcoin to its treasury, unveiled a bitcoin-themed burger, and donates a portion of bitcoin meal sales to open-source bitcoin development.
Top Stories
