Bitvavo Expects a DCG Deal Recovery of 80–100% on Outstanding Debt
Join Our Telegram channel to stay up to date on breaking news cover age Crypto exchange Bitvavo expects Digital Currency Group (DCG) to fulfill at least 80% of its obligations to the exchange. What: Bitvavo plans to recover about 80% of its debt owed by the Digital Currency Group (DCG) Why: Bitvavo believes that DCG has insufficient funds to pay for the full amount DCG owes them but should be able to offset atleast 80% of what it owes What next: DCG plans to sell Grayscale shares at 8% per share to raise the amount. So far it has raised $22m Bitvavo seeks to re cover €280m ($300m) from DCG which is about 80-100% of the total amount. They also plan to repay it using cash, digital assets, and convertible preferred equity notes in DCG. The exchange expects the agreement to be sealed in a few weeks as other details are being worked out. Additionally, Bitvavo rejected the proposal by DCG to pay 70% of its debt. They argued that DCG needs more funds to pay all...