Crypto Lending Platform Voyager Digital’s CFO Resigns
- Voyager’s existing CEO, Stephen Ehrlich, will act as interim CFO.
- This past July, Voyager declared bankruptcy under Chapter 11.
During the COVID-19 epidemic, crypto lenders like Voyager saw an influx of customers attracted by the high-interest rates and convenient loan terms they provided compared to conventional financial institutions.
CFO Ashwin Prithipaul is leaving Voyager Digital to “pursue other opportunities” during a transition phase. The executive became the company’s chief financial officer in May. Until Prithipaul’s replacement is found, Voyager’s existing CEO, Stephen Ehrlich, will act as CFO.
Resignation During Tough Times
After a short term as CFO at Drive Digital, Prithipaul moved on to leadership roles at Galaxy Digital, first as CAO and then CFO.
Ehrlich stated:
“On behalf of the Board of Directors and the executive leadership team, I want to extend our sincerest gratitude to Ashwin for his many valuable contributions, especially for his efforts during Voyager’s restructuring process.”
This past July, Voyager declared bankruptcy under Chapter 11. Almost $10 billion in obligations were listed in court filings. His resignation coincides with the New York City company’s announcement that it has begun the process of selling its assets.
Starting on September 13th, the auction attracted high bids of around $50 million from cryptocurrency exchanges Binance and FTX. Voyager has not yet accepted a bid, and the auction’s final results will be made public on September 29.
In the meanwhile, Sam Bankman-Alameda Fried’s Research, a quantitative crypto trading business, has agreed to repay Voyager $200 million in cryptocurrency loans in exchange for $160 million in cash. The Lender also said that it will solely utilize credit facility revenues to protect client assets from recent market volatility.
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Read more: https://thenewscrypto.com/crypto-lending-platform-voyager-digitals-cfo-resigns/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
