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Voyager Digital Reports 75% Revenue Rise in Q4, Cites Increased Crypto Adoption
The Canadian crypto broker said its revenue growth was due to the growing adoption of cryptocurrency.
Cryptocurrency broker Voyager Digital (CNSX: VYGR) says its revenue for Q4 2020 is expected to reach around $3.5 million, an increase of 75% from the previous quarter.
STORY CONTINUES BELOW
- In an announcement Tuesday, the Canada-listed firm said the increase is also up 3,877% from the fourth quarter of 2019.
- Voyager further reported a December revenue run rate of over $20 million, compared to $200,000 in December 2019. A run rate is estimated revenue extrapolated from available figures.
- Assets have continued to grow, Voyager said, increasing over three times from the September quarter to over $265 million in early January.
- “As widespread adoption of cryptocurrency grew in the latter part of 2020, we have seen 2021 get off to a quick start and we are well-positioned to continue our extraordinary growth through 2021 and beyond,” said Stephen Ehrlich, co-founder and CEO of Voyager.
- In October, Voyager moved to expand into Europe, acquiring LGO, a French cryptocurrency exchange primarily serving institutional investors.
Read more: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
