DCG can pay off a debt of 280 million euros

Dutch cryptocurrency exchange Petavavo him in one Update Share good news. In addition to reassuring its clients that it has good reserves, Bitvavo also announces that Digital Currency Group (DCG) is able to pay its debts to the exchange.

Bitvavo guarantees the debt

The update comes shortly after news that cryptocurrency lending platform and DCG had announced an issuance About 280 million euros You have it at Bitvavo. The Dutch Stock Exchange used this tip for its clients He hitsYields to show.

However, DCG encountered liquidity problems that forced it to suspend its payments to third parties. As a result, 280 million euros from Bitvavo were fixed, among other things, in DCG. Even the cryptocurrency exchange Gemini has $900 million tied to the party.

In the latest Bitvavo update, you can read that the cryptocurrency exchange guarantees clients’ assets. So if the €280m doesn’t come back, Bitvavo will take the hit. This was already known. Now, however, the platform is also sharing flat numbers.

Cryptocurrency exchange Bitvavo made a profit of 250 million euros

This blow could be absorbed by the huge profits the platform has made in recent years. Last year alone, it made a profit of 173 million euros. In total, this includes an amount of 250 million euros. You will be able to check out the financial health for yourself before the end of this year:

Our good financial position is also reflected in the annual accounts. This was given in an unqualified opinion by the accountant on December 16, 2022, having regard to the current situation. Annual accounts can be requested before the end of the year.

Besides earnings, the company also has access to offshore credit facilities, which can be a life saver in such difficult times.

DCG can pay off debts to Bitvavo

Perhaps the better news is the fact that DCG will likely be able to pay off the debt. earlier it was Crypto news I read that the creditors involved in this situation, plan Submitted. According to this plan, DCG will be able to pay off debts owed to all creditors, including Bitvavo. It is not yet known when this will happen.

Read more about this exchange here Bitvavo review By Crypto Insiders.