Bankman-Fried and Alameda to Help the Crypto Ecosystem

20.06.2022 16:43
by Sviatoslav Pinchuk
1 min read

The billionaire investor Sam Bankman-Fried’s company, Alameda Research, has announced that it will be “stepping in”, in an effort to help the projects hurt by the ongoing crypto winter.

As the consequences of the market downturn are felt all throughout the industry, major companies such as Three Arrows Capital (3AC) and Celsius are dangerously close to declaring insolvency. If that happens, it could bring other projects down as well. Therefore, Bankman-Fried is looking to help in order to avoid significant damage to the entire ecosystem.

Just two days ago, Alameda gave the crypto brokerage company Voyager Digital a 200 million USDC loan, as well as a “revolving line of credit” amounting to 15,000 Bitcoin (BTC). The credit facilities have an annual 5% interest rate. Voyager Digital will only use the credit if there is a need to “safeguard customer assets”.

Bankman-Fried pointed out that his companies have been similarly helpful a number of times before. Last year, his crypto exchange, FTX, provided the Japanese exchange, Liquid, with $120 million in financing. Afterward, in March this year, FTX closed the deal on acquiring Liquid.

Author

  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Etherium in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

Trending news

Subscribe and be in touch
Click here