Voyager Token (VGX), also referred to as BQX at some exchanges, is the native token of Voyager cryptocurrency change.
The change separates itself from its opponents by claiming to be a commission-free crypto dealer platform and its sensible order router additionally permits purchasers 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.
Voyager (BQX) token value at Binance. Supply: TradingView
Along with having a fiat gateway, the platform additionally gives 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 change wallets.
Token exercise sees exponential progress
On-chain knowledge 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 larger 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 change itemizing 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 purchasers’ property. Thus, the dealer was capable of diversify its staking providing.
One other notable milestone was Circle Make investments 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 change, 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 person accounts and token exercise and much like Coinbase, Voyager’s fiat on-ramp and controlled standing may make the change a best choice for future crypto traders positioned in the USA.
VGX value progress follows new acquisitions and European enlargement
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 change targeted on institutional traders.
LGO CEO Hugo Renaudin defined that the French firm would discontinue its devoted institutional change, 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 purposes and additional enlargement into Europe ought to enhance the platform’s person base.
Voyager (VGX) Twitter person exercise vs. value (USD). Supply: TheTie
Information from TheTIE, another social analytics platform, reveals that the latest value spike was preceded by elevated social community exercise. Other than a couple of customers complaining of KYC-related withdrawal points, the final sentiment round Voyager and VGX are constructive.
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 of a debit card with cashback rewards, withdrawal price low cost, and curiosity booster on staking may be wanted to drive its valuation additional.
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