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Voyager Digital Revenue Rises Over 1,000% on Increased Crypto Adoption
Publicly traded digital-asset brokerage Voyager Digital registered four-digit growth in revenue in the last fiscal year.
Updated May 9, 2023, 3:12 a.m. Published Oct 29, 2020, 10:55 a.m.
Publicly traded digital-asset brokerage Voyager Digital (VYGR/VYGVF) registered four-digit revenue growth in the fiscal year ended June 30, 2020.
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In an announcement Thursday, the Canada-based firm said revenue rose to roughly $1.1 million, marking a 1,159% rise from the previous fiscal year's tally of $87,318.
Other figures for the same period are also impressive: customer assets jumped by 1,959% to $35 million, while the total of brokerage accounts were up 750% at 86,000.
In its bid to boost growth, the firm formed new partnerships with leading trading platforms including Market Rebellion, LLC, Sterling Trading Tech and RoundlyX, and acquired Ethos Universal Wallet and Circle Invest's trading app.
"We achieved strong revenue and account growth during fiscal 2020," Stephen Ehrlich, co-founder, and CEO of Voyager said, adding that increasing adoption of digital assets has helped the company extend the growth momentum into the first quarter of fiscal year 2021.
Revenue is expected to have risen to $2 million in the July-September period, up 200% from the preceding quarter's $700,000.
Also read: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges
The company said it plans to obtain a virtual currency license, or "BitLicense," from the New York State Department of Financial Services (NYSDFS) during the 2020 calendar year.
However, unlike several other public firms, Voyager has no plans to invest its treasury funds in cryptocurrencies, Ehrlich told CoinDesk last month.
“Our investors want us to be that agency broker,” Ehrlich said at the time. “They want us to be the one that executes the trade in microseconds for customers, not making bets on coins one way or another.”
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