Voyager Digital sees 16X increase in quarterly revenue, first operating profit
The Canadian trading and yield app recorded $60 million in revenue for Q1, 2021.
Crypto asset trading firm Voyager Digital has announced financial results for the first quarter of 2021, and they are impressive.
The retail crypto trading and yield platform reported another record quarter, with momentum continuing into the current quarter. Total revenue for the period came in at $60.4 million, more than a 16x increase from $3.6 million over the previous quarter.
The company ended the quarter with an operating profit of $30 million and an adjusted working capital of $197 million. It was the firm’s first-ever quarter of operating profit, Voyager said in an announcement.
Trading volumes have also surged in 2021, leading to a massive revenue boost for the firm. Q1 saw $5 billion of principal volume traded compared to $350 million of principal value traded in the previous quarter.
Newly funded accounts in May have already surpassed the whole month of April, with currently 1.6 million verified users according to Nasdaq.
Voyager’s CEO and co-founder, Steve Ehrlich, stated that the platform’s leading altcoins and interest-yielding asset offerings have gained significant market share.
“Our focus on a wide range of coins has contributed to a long-term economic model with fiscal third-quarter operating margins increasing to 50%. Given our success to date, we anticipate that our operating margin should continue to scale in future periods.”
The Voyager app currently supports the trading of over 50 crypto assets. Ehrlich added that the platform saw exponential adoption of cryptocurrencies as a recognized and investable asset class in March, which translated into significant growth for Voyager.
During the first three months of 2021, Voyager continued to make significant upgrades to its systems infrastructure, and staff with a focus on platform security, scalability, and customer support.
Earlier this year, Voyager’s native token, VGX, saw explosive growth following a number of mergers and acquisitions for the Canadian company. At the time of writing, Voyager Token was trading flat on the day at $2.54 but had lost 23.4% over the past seven days in the market slump.
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Author: Martin Young