Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crypto exchange Bitvavo eyes 80-100% recovery in DCG deal -company

Published 07/02/2023, 07:15
Updated 07/02/2023, 07:21

AMSTERDAM (Reuters) - Dutch cryptocurrency exchange Bitvavo said on Tuesday it believes it will recover at least 80% of the 280 million euros ($300.58 million) it is owed by Digital Currency Group of the United States, following a deal in principle reached among DCG and creditors.

The funds had been held at DCG subsidiary Genesis, which filed for bankruptcy on Jan. 20.

In a statement Bitvavo said it expects the agreement to be published soon and details to be worked out in the coming weeks.

"The result submitted to the court amounts to an expected recovery rate of between 80-100% which will be repaid in cash, digital assets, cash and convertible preferred equity notes in DCG," the exchange said.

($1 = 0.9315 euros)

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.