Recent developments in the crypto markets have affected Digital Currency Group, Inc. and its subsidiaries (DCG). DCG has announced that they have a liquidity problem. As a result, DCG has suspended repayments until this liquidity issue has been resolved. Bitvavo Custody BV, part of the Bitvavo group, has been engaged with DCG in order to offer off-chain staking services to customers.
No impact on the Bitvavo platform
At Bitvavo, the security and continuity of our services is paramount. We will continue to provide the services that our customers expect from us. Our services are not affected by the situation at DCG.
Bitvavo has been profitable since its inception and is in a financially solid position. Bitvavo manages approximately EUR 1.6 billion in deposits and digital assets. EUR 280 million of this has been made available to DCG. Bitvavo, together with other corporate clients of DCG, are in active discussions with DCG and it is expected that the majority of these outstanding balances will be repaid. If necessary, Bitvavo will take all necessary steps in order to protect our customers.
Bitvavo has been profitable since its inception and is in a financially solid position. Bitvavo manages approximately EUR 1.6 billion in deposits and digital assets. EUR 280 million of this has been made available to DCG for the above mentioned reasons. Bitvavo, together with other corporate clients of DCG, are in active discussions with DCG and it is expected that the majority of these outstanding balances will be repaid. If necessary, Bitvavo will take all necessary steps in order to protect our customers.
Customer assets available
Customer funds on the Bitvavo platform can be withdrawn at any time. Bitvavo uses insured Custody Providers, who specialize in the safe storage of digital currencies. In addition, we are actively working on a comprehensive proof-of-reserve confirmation that includes both assets and liabilities.
Questions and support
We will continue to actively inform our users about developments. Users can contact [email protected] with questions.
