Bankrupt cryptocurrency platform Voyager Digital is working on resuming withdrawals on its platform. According to the firm, it has sent permission to the court to allow users to withdraw their balance.
Meanwhile, FTX exchange has offered to help the platform with the withdrawal process. FTX offers to allow the customers of Voyager to withdraw using its platform.
Voyager Digital has a relationship with Alameda Research and FTX. However, the company had not responded to the offer by FTX.
Voyager Working On Resuming Withdrawals
On the 1st of July, the crypto firm paused withdrawals on its platform. This made it difficult for users to access their funds for the past weeks.
However, the company is working to allow users to access their accounts and also make withdrawals. Voyager said it submitted a request to the court to reopen withdrawals.
The funds that customers own include USD balances saved in FBO (For Benefit Of) accounts at the Metropolitan Commercial Bank. However, Voyager’s plans will depend on the court’s verdict on the 4th of August.
Furthermore, the company also said it plans to sell its company, Coinify. This is to allow it to raise more funds to solve its bankruptcy issue.
Hence, it is asking permission from the court. Besides, the court had given the firm permission to pay its employees and some operating costs.
Besides Voyager’s plans, exchange firm, FTX, has suggested an option for withdrawal. It offered its platform for Voyager customers to use for withdrawals.
FTX’s Alameda Research To Buy Voyager’s Digital Assets
Meanwhile, that is not the only part of the proposal. Alameda Research, a sister firm to FTX, will also buy the company’s digital assets and loans at a fair value.
After Voyager agrees to the proposal, its users can access their monies through FTX. Customers are free to withdraw their funds from FTX alone without using the exchange.
However, if they decide to keep using FTX, the firm will wave their crypto fees for one month. According to Sam Bankman-Fried, FTX CEO, his firm is offering a way to resolve Voyager’s bankruptcy issue.
Before now, Alameda Research had loaned Voyager over $485 million. This was after 3AC defaulted on the loan it owed Voyager.
Meanwhile, FTX said it does not plan to acquire litigation claims of Voyager relating to 3AC. This is something that Voyager will have to fight on its own.
However, Voyager has until the 26th of July to respond to the offer of FTX. Besides, the crypto company has not responded to the request. FTX plans to close the proposal at the start of August.
