Bitstamp Commits to Accelerate Mt. Gox Payouts to Creditors
- The crypto exchange intends to reimburse investors far sooner than the 60 days allowed.
- The start of Mt. Gox reimbursements have caused a commotion in the crypto market.
Bitstamp has assured to pay out debtors who were owed payments by Mt. Gox as soon as possible. The crypto exchange intends to reimburse investors far sooner than the 60 days allowed by their agreement with the Mt. Gox trustee for distributing tokens.
Several Japanese creditors of Mt. Gox have reported getting compensation in Bitcoin (BTC) and Bitcoin Cash (BCH) via Bitbank and Kraken exchange accounts, prompting this declaration. The payback time frame is now more clearly defined thanks to Bitstamp’s quick response.
Prioritizing Customer Service
Bitstamp has stated its aim to handle the bitcoin repayments to creditors of Mt. Gox as swiftly as possible. It is one of the exchanges that has been assigned this responsibility. Bitstamp has 60 days to disburse the tokens once they are received, according to the arrangement with Mt. Gox trustees. However, the exchange is committing to refund investors as soon as possible.
There has been a lot of curiosity in Mt. Gox reimbursement schedule in the crypto market, and this news helps to clarify that. After receiving funds from the trustee, there are five exchanges in the payback process. And each one has a distinct distribution timeline.
The process of allocating and distributing funds was completed within hours by two Japanese exchanges, Bitbank and SBI VC Trade. It’s unclear how distributions are going for the remaining three exchanges: Bitstamp, Kraken, and BitGo. When it comes to processing payments, these exchanges have different deadlines. Bitstamp up to 60 days, Kraken up to 90 days, and BitGo up to 20 days.
Along with other noteworthy occurrences, the start of Mt. Gox reimbursements have caused a commotion in the crypto market. Fears of future drops caused Bitcoin’s price to fall below $54,000; however, it has since rebounded and is now trading at $55,600.
Highlighted Crypto News Today:
Dogecoin (DOGE) Derivatives Market Activity Plunges to Yearly Low
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
