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Voyager Digital, a cryptocurrency marketplace whose sports partners include the National Women’s Soccer League, MLB’s Oakland Athletics and the NBA’s Dallas Mavericks, has filed for Chapter 11 bankruptcy and suspended customer activity on its platform. Voyager’s athlete endorsers include NBA Hall of Famer Tracy McGrady, NFL Hall of Famer Marshall Faulk, Rob Gronkowski, and Victor Oladipo.
Users have traded about $1.3 billion in crypto assets on Voyager, which was founded in 2018. “The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital (“3AC”) on a loan from the Company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery,” Voyager Digital CEO Stephen Ehrlich said in a statement Tuesday.
The NWSL announced a multi-year sponsorship with Voyager in December that included “Voyager-funded crypto accounts for all NWSL players.” The league is now in communication with Voyager to monitor how its bankruptcy could impact their partnership.
“We are aware of the current volatility in the cryptocurrency marketplace and have been in touch with our partners at Voyager to understand the steps they are taking as a company. We will continue to monitor the situation and its possible impact on our partnership,” the NWSL said in a statement to The Equalizer reporter Jeff Kassouf.
In April 2021, Voyager paid one Bitcoin to the A’s for a full-season suite ticket package at the Oakland Coliseum. Bitcoin was worth around $60,000 at the time but is now trading around $20,000 USD. “We’ve just been keeping all the Bitcoins that we have in Bitcoin,” A’s president Dave Kaval told SportTechie in April 2021. “It’s just becoming part of running a business here in the 21st century.”
The Mavericks announced Voyager as an international partner in Oct. 2021. Gronkowski, the retired star NFL tight end, announced a marketing deal with Voyager last fall. McGrady joined the company as an advisor in 2020, saying he invested in Bitcoin via the Voyager app. Last December, NASCAR driver Landon Cassill extended his Voyager partnership. Faulk also joined Voyager as an advisor in 2020 while Oladipo’s endorsement was announced last May.
Voyager is not the sports industry’s first crypto sponsor undergoing financial hardship amid the rapid crash of the cryptocurrency market over the past few months. MLB’s Washington Nationals continue to promote the Terra Club at its home ballpark despite the complete collapse of Terra’s crypto “stablecoin” in May. Crypto exchange FTX, an MLB sponsor with naming rights to the Miami Heat’s arena, also recently reportedly backed out of a jersey patch sponsorship with the Los Angeles Angels.
‘News of the Day’ content, as reported by public domain newswires.
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