Digital trading platform Voyager Digital has temporarily suspended all trading, deposits and withdrawals from its platform. They attended in a statement published on Saturday evening, Norwegian time.
Stephen Ehrlich, CEO of CNBC.
Incredible difficulty: Stephen Enerlich, CEO of Voyager Digital, chose to stop trading, withdrawing and depositing on his platform as a result of challenging market conditions. Photo: Reuters/Brendan McDermid
This news comes just days after a Voyager customer failed to repay a loan worth several hundred million dollars. This raises concerns about the ability of borrowers to pay lenders what they owe and what the contagion effect this trend might have on the industry.
The two most traded cryptocurrencies, Bitcoin and Ethereum, are down more than 70 percent from their peak levels in November. This has led to market turmoil and problems for many platforms.
“We are working intensively to strengthen our balance sheet and look for other alternatives that we can meet the liquidity requirements of clients,” Ehrlich said in the company’s statement. CNBC.
A statement from their website says the company’s crypto values were $685 million, compared to the $1,120 million the platform received as a loan.
So far, they can see that the two largest cryptocurrencies in the world are not affected by the news. Bitcoin is up about 2 percent and Ethereum is down about 0.8 percent since the news became public.
News of Voyager’s trading suspension comes less than a month after the suspended withdrawals from the platform announced by rival network Celsius, as a result of harsh market conditions, according to CNBC.
Celcius has yet to announce the specific plans they have to resume trading on the platform.
- The listed crypto platform started in 2018 and is headquartered in the USA.
- They have more than a hundred different cryptocurrency related products to trade on their platform.
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