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.

Tags in this story

AUM growth, Bitcoin, BTC, Canadian Securities Exchange (CSE), crypto asset broker, cryptocurrency, earnings, ETH, Ethereum, Stephen Erich, Voyager Digital Ltd.

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