Voyager crypto experienced a drastic loss of its more than 60% share. This Wednesday has announced this hot news that had blown away investors’ minds. Voyager was already struggling with its Three Arrows Capital loss. To regain the stability, it had taken a loan of $650 million. However, after this massive crash, Voyager is also risking that money.
Voyager cryptocurrency is an Android and IOS app. It allows getting connected to different digital platforms. Moreover, you can earn up to 9% APY by using this digital platform. Moreover, those residing outside the USA can use BlockFi to get a secure connection. In this way, it provides a single platform for multiple exchanges. However, it does not offer coin-to-coin trade as you can trade coins for US dollars.
The downfall of it’s share can increase the prospect of further damage. In March, it contained almost $5.8 billion in shares. Moreover, it has been listed on the Toronto Stock Exchange. This New York-based platform offers trading by holding cryptocurrencies to gain products. It has plunged into an outstanding debt by taking USDC coins worth $350 million and 15,250 bitcoins.
The Three Arrows failed to meet investors’ demands and crashed earlier this month. Many leading crypto websites and experts have thrown light on this shocking revelation. Moreover, it is seeking help from other crypto lenders to call in their loans. After the inadvertent collapse of the stablecoin Terra, the Three Arrow unfolds its failure and downturn. Due to this collapse, many crypto lenders have halted their investments.
Moreover, the Three Arrow Capital is issued a warning to repay their loan before the deadline. If it fails to repay, the authorities will designate its crypto funds as default. The downfall initiated by the Three Arrow has now encroached on Voyager with a loss of more than 60% of its share.
Impromptu steps by Voyager
Voyager has announced its distinct and low-risk approach. Therefore, it decides to work with reputable counterparties to settle the fire. Moreover, it has decided to take keen steps in terms of lending and asset management. Company still claims to be in a good, reputable position to safeguard its customers’ assets. This way, it claims to work constructively to drive the market cycle.
Further, it revealed that it still has a net worth of $152 million and crypto-assets. Despite its extensive loan of $2 billion, among them four counterparties have its 79% share, Voyager is showing positive sentiments. Therefore, Voyager is trying to procure its payment from Three Arrows Capital.
Despite this collateral damage, Voyager has requested Three Arrows to take the necessary steps to repay the loan as soon as possible. Moreover, due to this collapse, the company stands at a net worth of US$117.5 million. Moreover, it has taken a loan from Alameda Ventures and has promised to repay an amount of $25 million by 24 June.
Despite its remarkable downfall of shares, Voyager has high hopes that it can sustain itself in the crypto market. It has claimed to have 15,000 BTC and $152 million in additional funds. Moreover, it has taken a two-part loan of $200 million from a leading company. However, it has requested 3AC to repay its loan. Otherwise, its funds would be regarded as default. Let’s see how things fold out from here and hope for the best.