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Crypto-asset broker Voyager Digital Ltd reported on Monday that as more users use the platform, revenue in the first fiscal quarter surged 186% to $2 million from $700,000 in the previous quarter.
●Voyager co-founder and CEO Stephen Ehrlich said that since September, the number of people using brokers to invest in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) has increased by 20%.
●According to Voyager’s earnings release, the total assets under management of companies listed on the Canadian Stock Exchange (CSE) are currently 150 million Canadian dollars. This is a significant increase from the $5 million in assets under management in December 2019. Assets under management increased by 50% from the $100 million on November 6, 2020.
●The company said that net deposits set a daily record, with an average of more than 750,000 US dollars per day in November 2020, an increase of 1,000% since June this year.
● “Although the growth of Bitcoin and other cryptocurrencies has contributed to our AUM growth, more than 65% of this growth was driven by the increase in user deposits,” Ehrlich explained. He added that in a stable market, “because of our interest rate model, travelers can still earn income from account balances.”
● On Monday, Voyager shares rose 3.8% on the CSE to 1.65 Canadian dollars (approximately US$1.25). In the past 52 weeks, the stock price has been fluctuating between a low of 0.165 Canadian dollars and 1.83 Canadian dollars.
What do you think of the rise in assets managed by Voyager? Let us know in the comments section below.
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