Everyone knows that the cryptocurrency is a competitive industry, with 24/7 development resulting in an unforgiving environment for many cryptocurrency-related firms. Cryptocurrency exchanges are no exception to the high levels of competitivity, with platforms continually undergoing maturation and evolution on a daily basis.
Uber Co-Founder To Launch The
According to Fortune, a new crypto startup is entering the scene and will be focusing on zero-fee cryptocurrency trading. This isn’t any fruitless foray into the industry, as the firm has garnered the support of fintech industry leaders and entrepreneurs.
Oscar Salazar, one of Uber’s co-founders and its former Chief Technology Officer will be backing “Voyager”, as the startup is now known, reported the acclaimed business news source. Additionally, Stephen Ehrich will become the startup’s CEO, bringing fintech experience from his tenure as the former CEO of E*Trade’s “Professional Trading” arm.
Voyager plans to offer zero-fee trades for “no less” than 15 cryptocurrencies, namely Bitcoin, Litecoin, and Ethereum. Speaking with Fortune journalists, Voyager’s CEO stated that the firm is “leaning towards” offering XRP and Stellar as a trading option, but is currently working on viable storage solutions before integration. Giving the inside scoop on the overall look of the coins/tokens offered by the platform, Ehrlich said:
If you see it being traded today by some of the most prominent players, we will definitely have those plus some.
This operation is expected to operate through a mobile trading app under the firm’s name, currently set for a Q4 launch. A press release posted on Business Wire gives a good summary of the firm’s aspirations. The release noted:
Voyager will provide a single access point for investors to efficiently and securely manage all their crypto assets in one place, with no commissions and no minimums.
To partially amend the issue of the variance in prices across different platforms, Voyager’s trading engine will aggregate price data from multiple exchanges. This system was created in a bid to allow users to buy and sell the cryptocurrencies at the most optimal prices available.
Although the firm has ambitious aspirations, it will first need to secure licenses from U.S. regulators, which is currently one of the firm’s top priorities. Voyager has already received approval from a handful of states, like California, Massachusetts, Missouri, and New Hampshire. It also has pending applications in more heavy-handed states like New York, where cryptocurrency exchanges will need to obtain a so-called “BitLicense” to fully operate.
Is Voyager A Robinhood Competitor?
One of Voyager’s claims to fame is its goal of offering no commisions in any facet of its ecosystem. While Robinhood is currently the forefront of zero-fee cryptocurrency trading, garnering tens of thousands of users in six short months, Voyager’s CEO believes that there is still room for his firm to grow. He hopes that the wide array of crypto assets offered, coupled with features unique to the platform, will attract a broad clientele. Maybe Voyager will edge-out Robinhood Crypto in the upcoming months, but for now, no one is all too sure.
The beta version of the trading platform is on track to launch this week, with the full release set to hit app store shelves by the end of October. Ehrlich finished his statements to Fortune by giving an insight on the state of the cryptocurrency market, noting:
I believe the market space itself is extremely large…We think the opportunity for both retail and institutional is vast, and we want to be part of that, and help the industry grow, and be good citizens to the industry, and help people get more knowledgeable in crypto assets.