Voyager Digital CEO Steve Ehrlich (Photo: Voyager Digital)
Cryptocurrency broker Voyager Digital completed its merger with French crypto exchange LGO Group and expects to launch a regulated trading platform in the European Union next year.
According to a Dec. 11 announcement, Voyager Digital has closed on the previously announced merger of its European operations into LGO Group—a crypto exchange regulated by local regulator Autorité des marchés financiers (AMF). As a result, the crypto broker will be able to expand into Europe through the regulated exchange.
The broker also announced that the firm’s assets under management are growing rapidly, and recently exceeded $165 million. :
“This merger gives Voyager the ability to service the 750 million European population,” Voyager Digital CEO and co-founder Steve Ehrlich said. “We look forward to our international expansion as Voyager’s growth continues on all fronts, with AUM growing rapidly and our product offering continually enhanced with debit and credit card, margin, and more traditional banking products on the horizon.”
With the deal finally complete after the late October announcement, Voyager expects to launch its European trading platform next year under its current director, Gaspard de Dreuzy.
The two companies will re-work their proprietary token—Voyager Digital’s VGX and LGO’s LGO—and merge them into one with the utility of both the assets through a token swap in Q1 2021.
According to the announcement, the as-yet-unnamed token’s new features include:
“decentralized finance features such as community governance, and also advanced utility including staking with an initial 7% interest, cashback rewards on trading on the Voyager platform, debit card benefits, interest boosters, reduction of withdrawal fees, and more, all on a global basis.”
Voyager Digital is investing heavily in new features and marketing to expand its presence in the booming cryptocurrency market. As Modern Consensus reported earlier this month, the broker recently announced that it will allow its users to earn 8.5% on the Algorand version of the USD Coin (USDC) stablecoin.
On the marketing front, the firm struck a deal with NBA star Tracy Mcgrady. In late October the basketball player joined the firm as an advisor, saying that he has long been interested in financial education.