Asset broker Crypto Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter ending Sept. 30 had risen 186% to $ 2 million from $ 700,000 the previous quarter, as more users use the platform.
● Voyager co-founder and chief executive officer Stephen Ehrlich said the number of people using their brokerage to invest in cryptocurrencies like bitcoin (BTC) and ether (ETH) has climbed 20% since September so far.
● According to Voyager’s earnings statement, the company listed on the Canadian Stock Exchange (CSE) has a total of $ 150 million in assets under management. This is a significant increase of just $ 5 million AUM in December 2019. Assets under management are up 50% from $ 100 million as of November 6, 2020.
● Net deposits set daily records, the company said, averaging more than $ 750,000 a day during November 2020, a 1,000% increase since June this year.
● “While the rise of bitcoin and other cryptocurrencies has contributed to our AUM growth, more than 65% of the growth is driven by more consumer deposits,” explained Ehrlich. He added that when markets are flat, “Voyager continues to earn revenue on account balances due to our interest model.”
● Voyager Shares rose 3.8% to 1.65 Canadian dollars ($ 1.25) on the CSE on Monday. Over the past 52 weeks, the stock has rocked between a low of 0.165 and a high of 1.83 Canadian dollars.
What do you think of Voyager’s growing assets under management? Let us know in the comments section below.
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