Voyager Token (VGX), also called BQX at some exchanges, is the native token of Voyager cryptocurrency trade.
The trade separates itself from its opponents by claiming to be a commission-free crypto dealer platform and its sensible order router additionally permits shoppers to commerce at a number of exchanges.
For the reason that flip of the 12 months, VGX has gained 620% and on Jan. 15 the token reached a brand new all-time excessive at $1.48.
Along with having a fiat gateway, the platform additionally presents market knowledge, interactive charts,crypto analysis and as much as 9% curiosity on stablecoins, together with staking returns for Bitcoin and different cryptocurrencies if customers depart them of their trade wallets.
Token exercise sees exponential development
On-chain knowledge reveals that exercise began to select up only a few weeks in the past, with the variety of every day lively addresses surpassing 1,500 whereas transfers shortly reached $60 million.
The Make investments Voyager app permits merchants to earn curiosity with no lock-ups and customers staking a sure amount of VGX token unlocks greater yields. Moreover, the platform is owned by a listed firm in Canada, Voyager Digital Ltd. (CSE:VYGR), a $600 million market capitalization fully-regulated entity.
The Canada TSX exchange listing deal additionally hides an fascinating story. By buying a defunct shell firm, Voyager was capable of handle a reverse merger in Feb. 2019. Extra curiously, not a single USD has been paid for the deal, which concerned shares of the brand new firm.
In Oct. 2019, Voyager introduced a partnership with Celsius Community to handle a portion of its shoppers’ belongings. Thus, the dealer was capable of diversify its staking providing.
One other notable milestone was Circle Invest acquisition accomplished in Feb. 2020, changing greater than 40,000 accounts. Circle Make investments was beforehand concerned with the USD Coin (USD) stablecoin, in addition to Poloniex trade, though each initiatives had already been divested. It’s price noting that the deal didn’t contain money, being settled in Voyager Digital shares.
These developments clarify the present uptick in consumer accounts and token exercise and just like Coinbase, Voyager’s fiat on-ramp and controlled standing may make the trade a best choice for future crypto traders situated in the USA.
VGX value development follows new acquisitions and European enlargement
At the moment, Voyager exchanges is out there to each U.S. state besides New York, as the corporate waits for its BitLicense approval. In October 2020, Voyager Digital acquired France-based LGO, a totally licensed European digital asset trade centered on institutional traders.
LGO CEO Hugo Renaudin defined that the French firm would discontinue its devoted institutional trade, whereas LGO would function beneath the Voyager model, though focusing totally on retail.
The general traded quantity on Voyager’s platform reached $120 million in Nov. 2020, whereas its asset beneath administration surpassed $485 million on Jan. 15. Up to now, greater than 200,000 customers have downloaded the iOS and Android purposes and additional enlargement into Europe ought to improve the platform’s consumer base.
Information from TheTIE, an alternate social analytics platform, reveals that the latest value spike was preceded by elevated social community exercise. Aside from a couple of customers complaining of KYC-related withdrawal points, the final sentiment round Voyager and VGX are optimistic.
Providing as much as 9.5% annualized curiosity returns on stablecoins and being a fully-licensed dealer providing altcoin buying and selling and staking to U.S. residents appear to be the first drivers behind the platform’s momentum.
As for the economics behind the VGX token, the opportunity of a debit card with cashback rewards, withdrawal price low cost, and curiosity booster on staking could be wanted to drive its valuation additional.
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