Voyager Digital Secures Alameda Loans to Protect its Assets

Voyager Digital (VOYG) has inked a non-binding term sheet with Alameda Research, a quant trading firm, to arrange a revolving line of credit to protect its customers’ assets from the current bear market. The loan will be split into two sections. The first is a credit facility based on cash/USDC with a total principal amount of $200 million. The second is a 15,000 BTC revolving credit facility. The credit facilities would only be used if necessary to protect customer assets, according to a statement released by Voyager on Friday. The credit facilities are set to expire on December 31, 2024, with a 5% annual interest rate due on maturity. Voyager’s CEO Stephen Ehrlich, “Today’s actions give Voyager more flexibility to mitigate current market conditions and strengthen our relationship with one of the industry leaders’ Downgraded Voyager Digital’s Stock Voyager said it had more than $200 million on its balance sheet in addition to the funds available under the credit facilities. Compass Point, a boutique investment firm, downgraded Voyager Digital’s stock from buy to neutral on May 17, citing headwinds in the crypto industry and questioning how the trading platform’s regular investors will perform during the market rout. Voyager had raised $60 million in a private placement offering sponsored by Alameda Research at $2.34 per share.The post Voyager Digital Secures Alameda Loans to Protect its Assets appeared first on Cryptoknowmics-Crypto News and Media Platform.