December 3, 2022

Cryptocurrency lending platform Voyager Digital has announced plans to resume cash withdrawals for clients this week after filing for bankruptcy last month.

According to a new company blog post, A court has approved the crypto company’s plan to reopen access to customers’ cash holdings as soon as August 11.

Yesterday, the court approved our proposal to restore access to cash held for the benefit of Voyager clients at the Metropolitan Commercial Bank. We know how important it is to have access to your funds, and with this approval, we will soon begin processing cash withdrawals.

We expect to resume access to the Voyager app for cash withdrawals only, starting Thursday, August 11th. Customers who have cash (in US dollars) in their account will receive an email with more details before access to the cash withdrawal in the app 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 hundreds of millions of dollars loan.

“We have made the difficult decision to temporarily suspend trading, deposits, withdrawals and loyalty bonuses… The failure of the borrower, Three Arrows Capital (3AC), to repay a large 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 for protecting assets and preserving the future of the Voyager platform that we have built together.”

Voyager says it will take about five to 10 business days for customers to receive their money after placing their orders.

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Featured Image: Shutterstock/klyaksun/LongQuattro

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