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Wednesday, November 30, 2022

Quantia announced to users that the suspension of withdrawals will continue

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As stated in the first release, Quantia had an exposure of approximately 35% of its assets to FTX, primarily BTC and ETH. To ensure that this percentage does not increase due to price variations, Quantia began to hedge these assets in the market.

After these days of analysis, the managers resolved that the impact of this situation must be apportioned in all accounts and assets (tokens) equally, for all their clients.

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Instead of reflecting the loss in each client’s account, what will be done is to convert the affected balance into a Token issued by Quantia, under the QIA ticket, which will be repurchased by the platform at a nominal value of 1.00 USDT, at a future date.

“We estimate to start the repurchase of them in 2023 and finish this repurchase process in a period of 3 years. Meanwhile, a secondary market will open to exchange these tokens for USDT and whoever wants to liquidate them can do so at market price“Schweizer explained.

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The repurchase of the tokens will be made with capital contributions from the partners, capitalization rounds, fees received for trading, interest received for credits granted, future credits and partial recoveries in court for the FTX cause.

Fintech Debate Scope 06-29-2022_Petunchi 12.jpg

Miguel Schweizer, co-founder of Quantia.io

Ignacio Petunchi

Information for customers

Quantia will also offer major clients the possibility of converting the tokens into equity of Quantia Holding Group LTD.

While technical details about this implementation are being worked out, in a later announcement the platform will share a document explaining in detail the methodology used for the calculations, as well as the legal terms of the accredited token.

Likewise, anyone who does not have an immediate need for liquidity will recover 100% of the affected balance, since Quantia will contribute all its future income to cover this impact.

“It is essential to clarify that both the shareholders, directors, and employees of the company are subject to the same terms as any client, and there is no exception for any,” Schweizer clarified.

At this time, heOn-chain withdrawals continue to be suspended. Internal transfers via the Quantia-Internal network are enabled. Trading within the platform works normally. The interest account yields will continue at 0.00% until operations resume in the lending / borrowing market. Deposits and withdrawals will be partially enabled as the liquidity placed by Quantia enters. Likewise, it is suggested not to make deposits until all services are normalized.

Quantia executives appreciate the patience and support of their customers and despite the blow suffered by the entire industry “I continue to firmly believe in the enormous growth that lies ahead for this market”, concluded Schweizer.

Source: Ambito

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