Voyager will enable dollar withdrawals again next week – t3n – digital pioneers
Voyager customers can at least partially breathe again. Payments should be possible again from next week. However, this only applies to balances in US dollars. Crypto withdrawals are not allowed.
The current crypto winter has hit numerous companies in the cryptocurrency sector hard. In addition to Celsius and Three Arrows Capital, this also included Voyager. After the crypto company suspended payouts a few weeks ago, it will resume next week.
“We know how important it is to access your money, and with this approval, we will soon begin processing cash withdrawals,” the company wrote in its blog post today. From August 11, the Voyager app should be usable again for dollar withdrawals.
Customers will receive an email detailing their holdings. Users have until October 3 to file a complaint against the company if they find any discrepancies between the bank statement and their account. The daily withdrawal limit per user is said to be $100,000.
Withdrawals have not been possible since July 1st. A few days later, Voyager filed for bankruptcy. Voyager’s bankruptcy is closely related, among other things, to the failure of the crypto hedge fund Three Arrows Capital (3AC).
However, payouts of cryptocurrencies will not be possible in the course of the coming week either. Especially with regard to the decentralization of cryptocurrencies, there is a weakness in the entire construct of the market. Cryptocurrencies were originally designed so that the user could dispose of his money himself.
On the other hand, if you keep your coins on a crypto exchange or other service provider, for example to generate a passive crypto income via lending, you no longer have control over your own coins. Therefore, the following sentence has established itself in the cryptocurrency market: “Not your keys, not your coins” (in German: “Not your key, not your coins.”
Voyager also confirmed that it has plans to restructure its business. Today the company announced that it is pursuing an independent restructuring process and a possible sale of the company. The court approved the sale of the company. Offers are expected to be received by August 26 before a sales hearing will be held on September 8.
