screen shot 2022 08 18 at 10.17.28 am Sale Of Crypto Platform Coinify For $2 Million Averts Voyager Bankruptcy

Sale Of Crypto Platform Coinify For $2 Million Averts Voyager Bankruptcy

– Bankrupt crypto lender Voyager Digital has announced the sale of its entire stake in cryptocurrency platform Coinify for $2 million.
– Voyager, which filed for chapter 11 in July, acquired Coinify in August last year for $15 million in cash, plus 5.1 million Voyager common shares.
– The sale of Coinify reduces the overall headcount by 15% and eliminates Voyager’s ongoing funding requirements for Coinify of up to $500,000 per month.
– For the nine months ending March 31, the asset had brought in $55.7 million for the business, of which $20.6 million came from the third quarter alone.
– Voyager also has claims against Three Arrows Capital of more than $650 million.

 

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