Voyager Proposes Customers to Receive Funds Pro-Rata to its Crypto Holdings, Proceeds from 3AC, Shares, and VGX Token

Abstract:

• Voyager Digital has up to date on the standing of its buyer’s USD and crypto.
• The crypto lending platform emphasizes that clients’ USD deposits are protected.
• Voyager states it has roughly $1.3 billion price of crypto property and $650 million in claims towards Three Arrows Capital.
• The group has proposed a reorganization plan the place its clients will obtain their pro-rata share of the crypto, proceeds from 3AC restoration, frequent shares within the newly reorganized firm, and shares of present Voyager tokens.

The group at Voyager Digital has offered an update on the standing of consumers’ USD and crypto held on the lending platform.

All USD Deposits Belonging to Clients Will Go Again to the Similar Clients.

In response to the group at Voyager, all of the USD deposits held on the platform belonging to its clients can be returned as soon as reconciliation and fraud prevention is carried out.

The group additionally explains that every one its clients’ USD is held ‘in a particular kind of checking account referred to as a For Advantage of Clients (“FBO”) account at Metropolitan Industrial Financial institution of New York (“MCB”).’ As well as, the USD held within the FBO account is the same as the quantity of USD in its clients’ accounts.

The USD is FDIC Insured for As much as $250k Per buyer.

Moreover, all of the USD in clients’ money accounts held at MCB is FDIC insured. Consequently, every buyer is roofed as much as a most of $250k.

Voyager Proposes a Professional-Rata Distribution of Crypto, 3AC Proceeds, and Shares.

The group at Voyager additionally declared that it presently holds roughly $1.3 billion price of crypto plus $650 million in claims towards Three Arrows Capital. In consequence, it proposes a distribution of property to its clients by means of a mix of the next, with every buyer having ‘the power to pick the proportion of crypto and customary fairness they obtain, topic to sure most thresholds.’:

• Professional-rata share of crypto
• Professional-rata share of proceeds from the 3AC restoration
• Professional-rata share of frequent shares within the newly reorganized firm
• Professional-rata share of present Voyager tokens

USD and Crypto Distribution Plan is Topic to Change.

Within the concluding part of the replace, the Voyager group stresses that the proposed distribution of property to its clients is topic to vary. They state:

The plan is topic to vary, negotiation with clients, and finally a vote.

In Voyager’s case, clients are the first collectors and may have a chance to vote on the proposed Plan of Reorganization. We put collectively a restructuring plan that may protect buyer property and supply one of the best alternative to maximise worth.

As well as, the Firm is pursuing numerous strategic options to guage the worth of the standalone firm in contrast with a third-party funding or sale.

[Feature image courtesy of Shutterstock.com]