Voyager Digital, a cryptocurrency lender, announced Friday that it will “restore access” to cash deposits on August 11, the first step in returning up to $270 million in fiat currency to its customers.
The plan comes after Voyager, which is in bankruptcy, was granted court permission on Thursday to honor customers’ dollar withdrawal requests from Metropolitan Commercial Bank, where Voyager had a deposit account. Voyager stated in a blog post that processing return requests could take 5 to 10 days.
Voyager, led by CEO Steve Ehrlich, filed for bankruptcy in July after suffering massive losses as a result of the collapse of crypto hedge fund Three Arrows Capital and the broader crypto-market downturn. Customers lent it billions of dollars in cryptocurrency assets. Those tokens remained locked for the time being.
Voyager stated in the blog post that it is pursuing a standalone revamping process in order to maximize the value of the cryptocurrency on the platform.
