Crypto asset broker Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter ended Sept. 30 soared 186% to $2 million from $700,000 the previous quarter, as more users utilized the platform.
● Voyager co-founder and chief executive officer Stephen Ehrlich said the number of people using their brokerage to invest in cryptocurrencies such as bitcoin (BTC) and ether (ETH) has climbed 20% since September to date.
● According to Voyager’s earnings release, the Canada Stock Exchange (CSE)-listed firm now has a total of $150 million in assets under management. This is a significant increase from just $5 million AUM in December 2019. Assets under management are up 50% from $100 million on Nov. 6, 2020.
● Net deposits set daily records, said the company, averaging more than $750,000 per 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 increased user deposits,” explained Ehrlich. He added that when markets are flat, “Voyager still earns revenue on account balances due to our interest model.”
● Shares of Voyager rose 3.8% to 1.65 Canadian dollars ($1.25) on the CSE on Monday. Over the past 52 weeks, the stock has swung between a low of 0.165 and a high of 1.83 Canadian dollars.
What do you think about Voyager’s rising assets under management? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.