Crypto broker Voyager likely to issue default notice to Three Arrows

June 22 (Reuters) – Crypto broker Voyager Digital Ltd (VOYG.TO) said on Wednesday its subsidiary may issue a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan.

Voyager’s total exposure to Three Arrows Capital consists of 15,250 bitcoin (nearly $310 million) and $350 million USD Coin (USDC), it said.

The company said it had initially asked for repayment of $25 million USDC by June 24, and later requested that the entire amount be repaid by June 27. However, neither of those have been repaid, Voyager added.

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Voyager is also discussing legal remedies available to recover the amount from the hedge fund, it said.

Hurt by a rout in the digital assets market, Three Arrows is exploring options including a sale of assets and a bailout by another firm, the Wall Street Journal reported last week. read more

Three Arrows did not immediately respond to a Reuters request for comment.

Earlier this month, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, seeking access to additional capital to meet its customers’ liquidity needs as crypto prices take a hit.

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Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.

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