Voyager Token (VGX) gains 926% as mergers and acquisitions bring new users

Expansion plans in Europe and a series of mergers have led Voyager’s Token to rise 926% in less than a month.

 

Voyager’s Token (VGX) gains 926% as mergers and acquisitions bring new usersALTCOIN WATCH

 

 

Voyager Token (VGX), also known as BQX in some exchanges, is the native token of Voyager cryptomeda.

 

The exchange splits from its competitors claiming to be a Bitcoin Bonanza commission-free cryptomeda platform and its intelligent ordering router also allows customers to trade on several exchanges.

 

Since the turn of the year, VGX has won 620% and on January 15 the token reached a new historic high of $1.48.

 

 

Price Voyager (BQX) token at Binance. Source: TradingView

Besides having a fiat gateway, the platform also offers market data, interactive charts, crypto search and up to 9% interest in stablecoins, along with staking returns for Bitcoin and other crypto currencies if users leave them in their portfolios on the exchange.

 

Token activity grows exponentially

On-chain data shows that activity started to pick up just a few weeks ago, with the number of daily active addresses surpassing 1,500 while transfers quickly reached $60 million.

 

On-chain data shows that activity started to pick up just a few weeks ago, with the number of daily active addresses surpassing 1,500 while transfers quickly reached $60 million.

 

 

Total transfers and unique VGX addresses. Source: etherscan.io

The Invest Voyager application allows traders to earn interest without locking up and users staking a certain amount of VGX token unlocks higher yields. In addition, the platform belongs to a Canadian listed company, Voyager Digital Ltd. (CSE: VYGR), a fully regulated entity with a market capitalization of $600 million.

 

The listing agreement for Canada’s TSX exchange also conceals an interesting story. By acquiring an extinct front company, Voyager managed a reverse merger in February 2019. What is interesting is that not a single dollar was paid for the deal, which involved shares in the new company.

 

In October 2019, Voyager announced a partnership with Celsius Network to manage a portion of its customers‘ assets. In this way, the brokerage house was able to diversify its offer of holdings.

 

Another notable milestone was the acquisition of Circle Invest completed in February 2020, converting over 40,000 accounts. Circle Invest was previously involved with stablecoin USD Coin (USD) in addition to the Poloniex exchange, although both projects had already been divested. It is worth noting that the business did not involve money, but was liquidated in shares of Voyager Digital.

 

These developments explain the current increase in user accounts and token activity and, similar to Coinbase, Voyager’s entry into force and regulated status may make the exchange a primary choice for future investors in cryptomorphic currencies located in the United States.

 

 

 

VGX price growth follows new acquisitions and expansion in Europe

Currently, Voyager exchanges are available to all U.S. states except New York while the company awaits BitLicense approval. In October 2020, Voyager Digital acquired LGO, based in France, a fully licensed European digital asset exchange aimed at institutional investors.

 

LGO CEO Hugo Renaudin explained that the French company would discontinue its dedicated institutional exchange, while LGO would operate under the Voyager brand, though with a retail focus.

 

The overall volume traded on the Voyager platform reached US$120 million in November 2020, while its assets under management exceeded US$485 million on 15 January. To date, more than 200,000 users have downloaded iOS and Android applications and the expansion in Europe is expected to increase the platform’s user base.

 

 

Twitter activity on Voyager (VGX) vs. price (USD). Source: TheTie

Data from TheTIE, an alternative platform for social analysis, show that the recent increase in prices was preceded by increased activity on social networks. In addition to some users complaining about withdrawal problems related to KYC, the general sentiment around Voyager, VGX, is positive.

 

Offering annualised interest returns of up to 9.5% on stablecoins and being a fully licensed brokerage firm offering trading and staking of altcoins to US citizens appear to be the main drivers of the platform’s momentum.

 

As for the economy behind the VGX token, the possibility of a debit card with cash rewards, discount on withdrawal rate and increased staking interest may be needed to boost its valuation further.