Cryptocurrency credit institution Voyager announced in its new statement that cash withdrawals will begin next week.
Voyager’s bank account was frozen as part of Chapter 11 bankruptcy proceedings, but yesterday a judge upheld the firm’s request to restore access to it.
Voyager Will Start Cashing Out But Cryptocurrency Withdrawals Remain Uncertain
Voyager was requesting to process cash withdrawals from its Metropolitan Commercial Bank (MCB) account as part of Chapter 11 bankruptcy proceedings that began shortly after it stopped all withdrawals. MCB held $270 million in cash escrow for Voyager customers.
Voyager announced today that it will only begin processing cash withdrawals on Thursday, August 11. According to Voyager, those with cash in their account will be able to withdraw up to $100,000 every 24 hours and receive their money within 5-10 days of their request. Instructions will be sent to those with a cash balance.
In the statement made by Voyager, the new development was announced with the following statements:
“Requests will be processed as soon as possible, but some manual review will be required, including fraud investigations and account reconciliations, and timing will depend in part on the individual banks customers are transferring their cash to.”
Voyager was included in Chapter 11 bankruptcy protection last month, which allows bankrupt firms to continue operating while reorganizing to pay creditors.
While the ability to process cash withdrawals is a step forward, more than $1 billion bitcoin and cryptocurrency remains uncertain within the platform.
*Not investment advice.