Voyager Digital has completed the takeover of Finra-regulated VYGR Digital Securities in a move that will clear its path to offer new services through a registered broker-dealer arm. The deal upgrades Voyager’s previous minority stake (24.9 percent) in the broker-dealer, which now operates as a wholly-owned subsidiary of the Canadian crypto-asset broker.
The acquisition also puts Voyager on a firmer regulatory footing with the Securities and Exchange Commission and positions it to offer a broader range of products, including blockchain-based securities. It also allows VYGR Digital to perform all operations in a regulatory compliant manner, while cements its position as a placement agent for digital securities held on The Voyager platform.
“Favorable regulatory trends and improving digital asset technologies continue to drive the global crypto market’s rapid growth. Having this registered broker-dealer in-house is the latest step toward making Voyager the premier service provider in this space,” said Steve Ehrlich, co-founder and CEO at Voyager Digital.
A long list of deep-pocketed investors
Voyager has recently engaged in many partnerships to offer zero-commission trading of crypto assets for the US-based broker dealer’s clients. This collaboration allows these firms to offer its customers the ability to trade cryptocurrencies through integration with Voyager’s execution services and the aggregation of crypto exchange data feeds.
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Avant-Garde was the latest partner to line up into Voyager’s network, which has recently added Market Rebellion, Tiger Trading, Sterling Trading, CoinDust, Blockforce, and Arwen.
Voyager’s app trawls through multiple cryptocurrency exchanges and trading venues to find the best buy and sell price or that is closest to the price that had been offered to the user.
Voyager already offers commission-free trading for at least 30 major cryptocurrencies, as it intends to take on Robinhood, the market leader in no-fee crypto trading. The startup also allows instant account opening and funding in the US dollar with a $10 minimum.
The licensed crypto asset brokerage has a long list of deep-pocketed investors, including Uber co-founder Oscar Salazar. Voyager is headed by Stephen Ehrlich, the former CEO and founder of retail brokerage Lightspeed Financial who also previously ran the professional trading arm of online stockbroker E*Trade.