FTX said on Friday it was planning to offer Voyager Digital’s customers access to some of their funds, the latest relief measure by the Sam Bankman-Fried-led cryptocurrency exchange for the ailing crypto industry.
Under the plan, Alameda Ventures, the trading firm also founded by Bankman-Fried, would purchase all of Voyager’s digital assets and digital asset loans, except the loans to bankrupt crypto hedge fund Three Arrows Capital.
Voyager’s customers could then receive some of those funds if they open an account with FTX. Such customers could either withdraw the cash balance immediately or use it to make purchases on FTX’s platform, the company said.
FTX expects to close the deal in early August. Participation in the plan would be voluntary, the company added.
Voyager filed for Chapter 11 bankruptcy earlier this month. In June, the company had signed an agreement with Alameda Ventures for a revolving line of credit.
Bankman-Fried has become crypto’s white knight in recent weeks, throwing lifelines to digital asset platforms that have stumbled in the crypto winter.