Cryptocurrency broker Voyager Digital has doubled its assets under management in less than two months, growing from $100 million on Nov. 1 to $200 million by the end of December.
According to a Dec. 28 announcement by CEO Steve Ehrlich, daily deposits are now growing by an average of $1 million per day.
“Voyager is firing on all cylinders as we enter 2021,” Ehrlich said, noting that the firm is pushing ahead with plans to expand its regulated trading platform into Canada and the EU in 2021.
Earlier this month, Voyager merged with the crypto exchange LGO Group, which is regulated by France’s Autorité des Marchés Financiers (AMF). The two companies are also merging their proprietary tokens—Voyager Digital’s VGX and LGO’s LGO—with a token swap planned for Q1 2021.
Ehrlich has called 2020 “a milestone year for the crypto-asset space” because of the institutional adoption of this asset class. Being a publicly-traded and regulated company is vital to that adoption, he added.
“As we continue to grow our platform, adding institutional-grade capabilities is a logical extension of our business,” Ehrlich said when the LGO merger was announced. “Being a publicly-traded and regulated company in this industry, our platform offers the corporate treasury desks and institutions an unparalleled asset management solution along with the regulatory oversight they require.”
That momentum “confirms that digital assets are a legitimate, standalone and investable asset class that is here to stay, providing investors with the ability to combat inflationary pressures from continued debasement of traditional fiat currencies,” the company said today. “Digital assets are starting to rival more established asset classes such as equities, fixed income, commodities and precious metals, in particular the $9 trillion traditional gold market.”
While the firm has been focusing on attracting institutional business as a regulated and publicly traded company, Voyager has also been investing heavily in attracting retail clients, most notably by bringing NBA star Tracy Mcgrady and NFL Hall-of-Famer Marshall Faulk onto the company’s board as advisors to help “educate investors,” Ehrlich said.
“We’ve positioned Voyager with a leverageable technology platform ripe for expansion both internationally and product wise, with Canadian and European expansion planned in 2021,” he added. “We look forward to bringing Voyager’s regulatorily compliant and transparent platform to the masses in 2021.”