Crypto asset broker Voyager Digital announced a new investing solution based on the Algorand (ALGO) blockchain.
According to a Dec. 3 announcement, Voyager Digital will allow its users to earn 8.5% on the Algorand version of the USD Coin (USDC) stablecoin. The announcement also explains:
“Voyager will develop USDC payment rails on the Algorand protocol, such that consumers will have the ability to buy, hold, trade, and self-custody their USDC, ALGO, and Alogrand Standard Assets on Voyager.”
Interestingly, USDC only recently launched on the Algorand blockchain, which is the second major blockchain supported by the token, after Ethereum. The stablecoin only launched on the network in early September, already hitting a total market value of more than $1 billion this summer.
The announcement is the latest major adoption of the stablecoin. As Modern Consensus reported yesterday, payment processing behemoth Visa partnered with USDC creator Circle Internet Financial to help credit card issuers integrate the USD Coin into their platforms, and send and receive USDC payments.
Voyager Digital explained that the support for Algorand’s version of USDC is just the beginning and that the development will facilitate other tokens launched on the same blockchain to be bought, sold, or transferred through the platform. Algorand Foundation CEO Sean Lee explained that the broker is a recipient of financing as part of the AlgoGrant program.
This move is seemingly part of Voyager Digital’s aggressive expansion efforts. As Modern Consensus reported, in late October the firm expanded into the European market through a merger with the French crypto exchange LGO.
Voyager Digital is apparently also investing heavily in marketing. This is made apparent by NBA star Tracy Mcgrady joining the firm as an advisor in late October, saying that he has long been interested in financial education.