FTX Moving Helping Hand Towards Customers of Voyager Digital by Offering Liquidity

FTX can support Voyager Digital customer’s partly receiving their liquidity but will not be involved in recovery from 3AC.

For a while now, Bahamian crypto exchange, FTX, has been seen to help many beleaguered crypto firms. Due to the heavy cryptomarket downturn, a large number of cryptocurrencies witnessed steep decline. This led many crypto firms to face heavy losses. Celsius, BlockFi, Voyager Digital, and several others were such crypto firms. During such times, FTX played a crucial role towards acting as a savior for several firms.

Now, FTX showed up to help Voyager Digital—crypto brokerage firm—specifically for its customers. It’s worth noting that last month itself, the brokerage firm had filed for Chapter 11 bankruptcy. Now the crypto exchange behemoth showed up to help Voyager Digital’s customers, to help them with liquidity.

As per reports, three different companies, all linked with FTX and CEO Sam-Bankman Fried, will be participating in the process. These companies are FTX.com owner and operator firm—FTX Trading Ltd., parent company behind US arm of crypto exchange, FTX US—West Realm Shires Inc. and venture capital subsidiary of Sam Bankman Fried Alameda Research—Alameda Ventures.

The joint proposal of these firms states that Voyager Digital customers would get to open and start their new account with the FTX platform. This account opening will get its cash balance capital from early distribution funds from their portion of the amount as per their bankruptcy claims. This way, their locked-up amount will be refunded initially partly.

Customers then could use this cash to immediately withdraw or can purchase crypto assets from FTX’ platform. On top of that, the participation process is entirely voluntary as there is no obligation to participate in the joint proposal.

Although, there will be no participation of FTX or its related companies in the process of Voyager acquiring its loan back from Three Arrows Digital, said FTX. Voyager and their customers can seek loan payback from 3AC as additional recoveries of their funds.