Monday, May 10, 2021

Voyager Token (VGX) gains 926% as mergers and acquisitions bring new users

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Voyager Token (VGX), also called BQX at some exchanges, is the native token of Voyager cryptocurrency alternate. 

The alternate separates itself from its rivals by claiming to be a commission-free crypto dealer platform and its good order router additionally permits purchasers to commerce at a number of exchanges.

For the reason that flip of the yr, VGX has gained 620% and on Jan. 15 the token reached a brand new all-time excessive at $1.48.

Voyager (BQX) token value at Binance. Supply: TradingView

Along with having a fiat gateway, the platform additionally affords market information, 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 alternate wallets.

Token exercise sees exponential progress

On-chain information reveals that exercise began to select up just some weeks in the past, with the variety of every day lively addresses surpassing 1,500 whereas transfers shortly reached $60 million.

VGX every day transfers and distinctive addresses. Supply: etherscan.io

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 attention-grabbing story. By buying a defunct shell firm, Voyager was capable of handle a reverse merger in Feb. 2019. Extra apparently, 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 purchasers’ 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, moreover Poloniex alternate, though each initiatives had already been divested. It’s value noting that the deal didn’t contain money, being settled in Voyager Digital shares.

These developments clarify the present uptick in person accounts and token exercise and just like Coinbase, Voyager’s fiat on-ramp and controlled standing may make the alternate a best choice for future crypto buyers situated in the US.

VGX value progress follows new acquisitions and European growth

Presently, Voyager exchanges is obtainable 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 completely licensed European digital asset alternate centered on institutional buyers.

LGO CEO Hugo Renaudin defined that the French firm would discontinue its devoted institutional alternate, whereas LGO would function underneath 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 underneath administration surpassed $485 million on Jan. 15. So far, greater than 200,000 customers have downloaded the iOS and Android functions and additional growth into Europe ought to improve the platform’s person base.

Voyager (VGX) Twitter person exercise vs. value (USD). Supply: TheTie

Knowledge from TheTIE, an alternate social analytics platform, reveals that the current value spike was preceded by elevated social community exercise. Aside from just a few 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 potential for a debit card with cashback rewards, withdrawal price low cost, and curiosity booster on staking is likely to be wanted to drive its valuation additional.

The views and opinions expressed listed below are solely these of the author and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes threat. It’s best to conduct your individual analysis when making a call.