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Circle Gets Leaner As Digital Asset Broker Voyager Acquires Crypto Investing App

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Circle Gets Leaner As Digital Asset Broker Voyager Acquires Crypto Investing App
By Oana Ularu- February 12, 2020
Circle Gets Leaner As Digital Asset Broker Voyager Acquires Crypto Investing App
Circle Invest, the digital asset investment app of Circle Internet Financial Ltd., has been sold for an equity stake to Canada-based Voyager Digital Ltd.

Voyager will now issue to Circle common shares that represent around 4% ownership at Circle. It will also reimburse some costs to the Boston-based company. On Tuesday in New York, Voyager shares were traded at around 22 cents.

Circle To Focus on USD Coin (USDC)
First being focused on retail-oriented cryptocurrency businesses, Circle has started as of late to pay more attention to its own USDC stablecoin. Back in December 2019, they sold Circle Trade, an over-the-counter business based on trading that it owned to Kraken, the famous crypto exchange.

Voyager to Add Over 40,000 Retail Accounts
With the new acquisition, Voyager is going to add over 40,000 retail accounts, so its customer base is sure to reach more than 200,000 users, as a statement released by the company says. The transaction for the agreement is supposed to be closed by the end of next month.

As the partnership says, the collaboration is meant to deliver the companies’ joint customer base rapid and global payments at low costs. This is what Voyager’s chief executive officer, Steve Ehrlich, had to say about the matter:


 
“IT’S TRANSFORMATIVE FOR VOYAGER IN THAT WE GET TO SCALE OUR BUSINESS IN AN EFFICIENT WAY WITH SUCH A GREAT PARTNER AS CIRCLE.”

Circle Invest’s Retail Customers Will Gain Access to Voyager’s Brokerage
Retail customers of Circle Invest will gain access to Voyager’s services for brokerage, including the 0 commission trading of over 30 crypto assets, digital transfers, secure omnibus custody portfolio, and wallet management tools and lock-up free interest yield for the popular coins. This is what Circle’s Director of Product Management, Rachel Mayer said about her company’s agreement with Voyager:

“WE'RE VERY HAPPY TO BE ABLE TO PROVIDE CIRCLE INVEST CUSTOMERS WITH A BROADER DEPTH OF RETAIL INVESTMENT FEATURES THROUGH THE TRANSACTION WITH VOYAGER.

THIS TRANSITION COMES AT A TIME WHEN CIRCLE IS LAUNCHING NEW PLATFORM SERVICES AND PRODUCTS FOR BUSINESSES AROUND THE WORLD TO HELP THEM BRING THE BENEFITS OF STABLECOINS INTO THEIR PRODUCTS AND GROW GLOBAL COMMERCE IN NEW AND INNOVATIVE WAYS.”

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

 
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