Crypto Broker Voyager Digital's AUM Crosses $2.4B After Record-Setting Month
What Happened: The firm’s assets under management (AUM) exceeded $2.4 billion, while total funded accounts amounted to 270,000 at the end of the month.
March also marked a milestone in terms of the number of users on the platform, with its total verified users crossing one million for the first time.
“March was another record-setting month for Voyager as our retail-focused, zero-commission platform continued to attract an active community for both Bitcoin and our industry-leading offering of over 50 altcoins,” said Stephen Ehrlich, co-founder and CEO of Voyager.
What Else: The growing interest in cryptocurrency has led to larger transaction volumes and a surge in the average value of those transactions. According to metrics shared by the firm, the principal value traded on the platform reached $2.5 billion in March.
This is a sharp increase from the month of January where the principal transaction value was around $840 million.
Some amount of this growth may have been attributed to the company hiking the interest rate offered to customers on various crypto assets. Voyager customers were entitled to earn up to 6.25% on their Bitcoin (CRYPTO: BTC) holdings, 5.52% on Ethereum (CRYPTO: ETH) holdings, and up to 8% on Polkadot holdings.
"Our management team is focused on the long-term opportunity to capture significant market share within this rapidly expanding industry. The initiatives we are embarking on, such as adding new products to our platform and further geographic expansion, are designed to competitively position Voyager for long-term success,” said Ehrlich.
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