Cryptocurrency News

Voyager Digital saw 16-fold increase in quarterly revenue, first operating profit

Crypto asset trading firm Voyager Digital has announced financial results for the first quarter of 2021, and they are impressive.

The retail crypto trading and yield platform reported another record quarter, with momentum continuing into the current quarter. Total revenue for the period. Came in $ 60.4 million, A 16-fold increase from $ 3.6 million compared to the previous quarter.

The company ended the quarter with operating profit of $ 30 million and adjusted working capital of $ 197 million. Voyager said in an announcement that this was the first quarter of the company’s operating profit.

Trading volume has also increased in 2021, leading to large-scale revenue growth for the firm. Principal turnover of $ 5 billion in Q1 compared to $ 350 million of the original value traded in the previous quarter.

Newly funded accounts have already crossed the full month of April in May, currently with 1.6 million verified users according to Nasdaq.

Voyager’s CEO and co-founder, Steve Erlich, said the platform’s flagship altcoins and interest-yielding asset offerings have garnered significant market share.

“Our focus on a wide range of coins contributes to a long-term economic model, with a 50% increase in operating margins for the fiscal third quarter. Given our success so far, we anticipate future periods. Our operating margin will continue to grow.

The Voyager app currently supports trading over 50 crypto assets. Erlich said the platform rapidly adopted cryptocurrency as a recognized and investable asset class in March, which translated into significant growth for Voyager.

During the first three months of 2021, Voyager continued to make significant upgrades to its systems infrastructure and employees with a focus on platform security, scalability, and customer support.

Earlier this year, Voyager’s original token, VGX, witnessed explosive growth after several mergers and acquisition For a Canadian company. At the time of writing, Voyager Token was trading flat that day at $ 2.54, but the market had lost 23.4% in the past seven days.

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