• Australian cryptocurrency exchange Digital Surge is set to come back online after stakeholders signed the recovery plan.
• The exchange is expected to resume trading next week, and it is the first successful restructuring of an Australian crypto exchange.
• Michael Bacina, digital asset specialist and partner at Piper Alderman, said that the deal shows the goodwill seen in the blockchain community in Australia.
Australian Crypto Exchange Digital Surge Set to Come Back Online
The 25 prominent institutions in Australia have come together to start a research program to explore digital asset opportunities. Stakeholders signed a recovery plan for the Brisbane-based exchange on Wednesday, according to documents submitted to ASIC. The exchange is expected to resume trading next week, and it will be the first successful restructuring of an Australian cryptocurrency exchange.
Stakeholders Sign Recovery Plan
The stakeholders signed a recovery plan a day before the exchange was set to go into liquidation, according to documents seen by CoinDesk. Creditors were notified earlier today through a circular. The recovery plan comes after Digital Surge was hit hard by FTX’s collapse as it held 33 million Australian dollars on the defunct platform founded by Sam Bankman-Fried.
Testament To Blockchain Community Goodwill
Michael Bacina, digital asset specialist and partner at Piper Alderman, said that this deal shows goodwill seen throughout Australia’s blockchain community: “Digital assets face challenging legal issues, and it took the hard work of knowledgeable specialists to get here. The deal is a testament to the goodwill seen throughout the blockchain community in Australia.”
Voluntary Administration Process
In December 2020, Digital Surge passed into voluntary administration – a process whereby management hands over control of their company or organisation’s finances & assets over licensed insolvency practitioners who are appointed as administrators or receivers (depending upon whether voluntary or court administration). This can enable them access funds which may have otherwise been unavailable due eto lack of liquidity or other financial barriers faced by companies operating within Australia.
Digital Asset Opportunities Research Program
The research program initiated by 25 prominent institutions seeks out digital asset opportunities & aims at exploring potential investments & partnerships within this space – this could include anything from venture capital investments in new technology startups throught othe purchase of tokenized securities or bonds through established exchanges such as Binance or Coinbase Pro . This could also open up avenues for further collaboration between regulators & industry participants – thereby helping foster innovation & development within this sector across Australia!