Voyager Digital Ltd.

(CSE: VYGR / OTCQB: VYGVF / FRA: UCD2)

Rating:

protected

Current price

protected cont.

Fair Value

protected cont.

Risk*

protected cont.

Sector/Industry: Digital Assets

June 30, 2021

$5M to $3.3B in AUM in 18 Months

Sid Rajeev, B.Tech, CFA, MBA

Head of Research

Highlights:

 

•Voyager Digital is a crypto brokerage platform primarily targeting retail investors in the U.S. Through a network of 12 unaffiliated crypto exchanges and market makers, VYGR’s value proposition for its customers (investors/traders) is that its platform can attain best-pricing, speed, and liquidity. In addition, VYGR does not charge any commission for trades, and offers interest on approximately 32 of the 64 cryptos currently offered on its platform. Most crypto exchanges do not offer these two features. VYGR generates revenue from spreads on executed trades.

•As of May 2021, VYGR had $3.3B in assets under management (AUM) (up from just $5M at the end of 2019), with 540k funded accounts (active), and 1.6M verified accounts. In Q3- FY2021, VYGR had $5B in transaction volume. For comparison, Coinbase (NASDAQ: COIN), the largest crypto exchange in the U.S., had about $335B in transaction volume, and had 6.1M monthly active users (56M verified users) at the end of March 2021.

 

•Founders of VYGR have been previously involved with companies like E*TRADE, TradeIt, Lightspeed Financial, Pager, Scour, and Uber (NYSE: UBER).

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