This month, the crypto brokerage firm Voyager (CSE: VYGR) raised eyebrows across the blockchain sector in a major way. The firm announced that it would rebrand recently acquired ETHOS into Voyager tokens (VGX). Importantly, the firm plans to offer a host of new functionality to users as part of the Voyager rebranding.
News of the maneuver first came via an Oct 2 Twitter post in which the firm discussed some of the benefits of the acquisition. In the post, the company explains that users will get reduced fees, cashback rewards, and earn interest after the rebranding.
Speaking on the move, Voyager CEO, Steve Ehrlich described the fast-paced growth the firm experienced. He highlighted the accomplishments and goals reached to date. He also revealed that an Android Dapp was set for release this month.
The Voyager Dapp provides crypto investors with a more cost-effective trading solution. Currently, the company's Dapp is available exclusively on Apple OS. Here, users can buy and trade crypto at reduced rates when compared to non-broker trading platforms.
Exchange Fees on the Rise
Just this week, Coinbase announced that it would be raising its trading fees significantly. Notably, the fee hike targets small and medium trade customers. Meanwhile, whale traders saw their fees decrease from the changes. It’s exactly these fees that developers want to eliminate.
From Teammate to Coach
Voyager chose the Ethos blockchain due to its dynamic capabilities. Originally, the company was a contributing partner on the ETHOS development team. Eventually, the firm decided the project fit its needs exactly.
Voyager acquired ETHOS for $4 million earlier in the month. At the time, ETHOS had a market cap of $13.7 million. ETHOS token holders can swap their tokens directly for a 1:1 exchange rate. Importantly, Voyager doesn't plan to alter the total number of tokens issued.
Multi-Use VGX Token
VGX will function as a utility token within the platform. Both institutional and retail clients will use the token for paying fees, and other services. Additionally, the XVG blockchain will host tokenized assets including security tokens.
Voyager intends to unveil a host of new products in the coming weeks. These products include tokenized interest-bearing accounts, loans, margin accounts, and crypto shorting features, to name just a few.
Vocal in the Cryptocommunity
Voyager also maintains a strong presence in the cryptocommunity. The firm is a main sponsor for the upcoming Vegas Blockchain Week events. By participating in these events, the firm remains at the forefront of the blockchain sphere.
Keeping up with its pro-active stance, the company also unveiled a new referral program. The new program allows users to earn up to $2,500 BTC just for getting new users to check out the new platform.
The Voyager project appears to be on the right track. The firm's low fee brokerage approach to the market is a welcomed change from all the recent fee hikes. Also, Voyager has the experience and network to push the platform to the public. You can expect to hear more from this ingenuitive development team in the coming weeks.