Voyager Digital has secured a loan facility agreement with Alameda Research, in a deal that the brokerage platform says will help it better protect its customer assets amid the current market conditions.
$200 million in cash/USDC and 15,000 BTC
Voyager announced on Friday that it had sealed “a non-binding term sheet” with trading firm Alameda Research, securing a revolving line of credit that offers access to fresh capital should it be needed.
According to the company, the loan facility will be used to provide a safety net around customer assets as the market navigates the current volatility.
The credit facility comes in two parts, with the first being a $200 million loan agreement denominated in cash or the USDC stablecoin. In addition to that, Voyager and Alameda have agreed on a further 15,000 Bitcoin (BTC) credit facility.
The two facilities’ term expires on December 31, 2024 and will attract an annual interest of 5% to be paid on maturity.
Voyager is “well capitalized”
Turbulence in the crypto markets has had a drastic impact on companies and projects, with the recent upheavals for Celsius and 3AC pointing to potential contagion.
In light of this, the Voyager team provided an asset and risk management update earlier in the week, seeking to assure its customers that all was well.
Apart from stating that it had no assets with Celsius, Voyager CEO and co-founder Steve Ehrlich noted:
“The company is well capitalized and in a good position to weather this market cycle and protect customer assets. It is Voyager’s goal to continue to build secure products and services, as well as build trust and leadership in the cryptocurrency industry.”
The company has over $200 million on its balance sheet, it said on Friday.