Troubled crypto lending platform Voyager Digital this week announced plans to resume withdrawing cash for customers after filing for bankruptcy last month.
According to a new company blog post, A court approved the cryptocurrency company’s plan to reopen access to customers’ cash assets as early as Aug. 11.
“Yesterday, the court approved our proposal to restore cash held for the benefit of Voyager’s customers at Metropolitan Commercial Bank. We know how important it is to get your cash, and upon approval, we will soon Start processing cash withdrawals.
We expect to resume access to the Voyager app for cash withdrawals starting Thursday, August 11th. Customers with cash (USD) in their account will receive an email with more details before cash withdrawal access in the app is available. “
In early July, Voyager halted all transactions, deposits and withdrawals from customers after prominent borrower crypto hedge fund Three Arrows Capital (3AC) failed to repay loans worth hundreds of millions of dollars.
“We made the difficult decision to suspend trading, deposits, withdrawals and loyalty rewards… The failure of borrower Three Arrows Capital (3AC) to repay our substantial loan makes this the right path forward.
This decision, while far from optimal, will allow us time to work on strengthening our balance sheet, which is necessary to protect assets and safeguard the future of the Voyager platform we build together. ”
Voyager said it takes customers about 5 to 10 business days to receive funds after making a request.
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