RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling by 2.15 percent to $19,887.74 as of 9:40 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,121.72 falling by 3.54 percent, according to data from Coindesk.
Voyager Digital files for bankruptcy
Cryptocurrency lender Voyager Digital filed for bankruptcy on Wednesday, a week after it halted operations on its platform to give itself more time to consider strategic alternatives, according to Reuters.
Voyager, based in New Jersey, stated in its bankruptcy filing on Tuesday that it has more than 100,000 creditors, assets worth between $1 billion and $10 billion, and liabilities of the same amount.
All civil legal cases are suspended during a Chapter 11 bankruptcy, which also enables businesses to develop turnaround strategies while continuing to operate.
“The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” Voyager CEO Stephen Ehrlich said in a statement.
Voyager announced last week that it has sent a notice of default to Singapore-based cryptocurrency hedge fund Three Arrows Capital for failing to make due repayments on a loan for 15,250 bitcoin (about $324 million) and $350 million worth of USDC, a stablecoin.
Later that week, 3AC filed for chapter 15 bankruptcy, which enables foreign debtors to protect US assets.
Crypto credit card with no spending cap launches in UAE
The largest payment network in the world — crypto-powered Visa’s black card, bitcoinblack — has been introduced in the UAE.
Only 10,000 members worldwide can access bitcoinblack via invitation from VISA’s official website in order to become cardholders, according to a statement.
The crypto-powered premium credit card was introduced in 2021 and is accepted anywhere. Its users can earn rewards of up to 10 percent back in unique ‘$SPND’ tokens.
“Bitcoinblack is perfectly suited for high net worth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted,” CEO Prakash Chand said.