The bankrupt crypto lender, Voyager, has signed a non-binding term sheet with SBF-controlled quantitative trading firm, Alameda Research, to secure loans amid the turmoil in the market.
The two loans will be primarily denominated in crypto.
Voyager-Alameda Deal
As per the announcement, the first part of Voyager’s line of credit involves a mix of cash and USDC-based credit facility with an aggregate principal amount of $200 million. The second revolving credit facility is for 15,000 BTC, worth approximately $309 million.
In exchange for the loan, Alameda will receive around $160 million as pledged collateral in the form of 4.65 million FTT ($112 million approx.) and 63.75 million in SRM (nearly $49 million).
In a statement, Voyager’s Chief Executive Officer, Stephen Ehrlich, said,
“Today’s actions give Voyager more flexibility to mitigate current market conditions and strengthen our relationship with one of the industry leaders. Safeguarding customer assets is always our top priority, and ongoing, prudent risk management as well as a strong balance sheet are two ways that we continue to demonstrate that priority.”
In addition to the loans, Voyager Digital revealed that its balance sheet is now worth more than $200 million.
After suffering huge losses from its exposure to crypto hedge fund Three Arrows Capital (3AC), Voyager Digital filed for Chapter 11 bankruptcy in New York in July this year. The lender held an asset auction where its bidders…
