The need to be more adequately equipped for the current crypto winter has pushed Voyager Digital Holdings, a prominent crypto trading and investment platform, to more than $200 million in credit facility from Alameda Ventures.
As announced by the firm, the loan includes $200 million in cash, a USDC revolver, and a 15,000 .
The loan, per the conditions given by Alameda Ventures, can be accessed in tranches of $75 million every 30 days. Voyager Digital will only request these funds if its position at any point demands that the funds should be drawn. While Voyager claims it has minimal liquidity at hand, it said the move to secure the credit facility was intended to safeguard its customer’s assets.
The negative outlook of the digital currency ecosystem has weighed on many crypto platforms, including Celsius Network and Babel Finance.
While both have halted withdrawals and are searching for a proactive solution to surmount current liquidity pressures, Babel Finance, per an earlier Blockchain.News said it has asked its creditors to grant it some time to repay.
While it has Compound Finance $10 million in the form of DAI stablecoin, Celsius Network has generally to sort its operational modalities, a move it is making while with restructuring experts.
The impacts of the current crypto winter are becoming real by the day, and other prominent lenders like have also taken the initiative to seek a credit facility. BlockFi, which laid off about 20% of its global workforce, recently said it has a $250 million credit facility from FTX Derivatives Exchange.
Amongst the major firms that are being impacted by the current meltdown is Three Arrows Capital, and Voyager Digital said it is amongst its debtors and will be exploring legal options to recover its funds from the embattled venture capital firm in the case of a default that is slated to be triggered by June 27.
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