Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors


Crypto-asset broker Voyager Digital Ltd is buying LGO Markets, a French cryptocurrency exchange focused on corporate investors. The two firms will merge under one brand, Voyager, and their two separate native tokens, VGX and LGO, will also merge.

The deal grants Voyager, a Canadian Securities Exchange-listed (CSE) firm, access to the European retail market through LGO’s Virtual Asset Service Provider licence held with the French financial regulator, industry media reports.

LGO will cease to concentrate on institutional investors on Oct. 31, as it simultaneously assumes the Voyager brand. To complete the acquisition, Voyager will issue one million shares, whose value will, in part, determine the ultimate deal price.

The other part will depend on the value of the merged in-house crypto token, which, according to reports, will feature “decentralized finance functions such as community governance and staking at an initial interest rate of 7%.”

The deal is still subject to regulatory approval. Shares of Voyager fell 2.3% to 0.56 Canadian dollars ($0.43) in CSE trading Friday. The stock is down more than 16% since the news of the acquisition broke out on Oct. 21. Voyager has a market value of $36.5 million.

Voyager chief executive officer, Hugo Renaudin, was quoted as saying:

European clients will be able to access the Voyager app using the LGO regulatory setup in Europe, and both LGO and VGX tokens will be merged into a new token.

He added that the “new token will have more utility”, to the benefit of token holders in the U.S., Europe and elsewhere.

LGO touts itself as a “leading” crypto exchange for institutions, which provides “customizable services, best in class technology, and deep liquidity.” The platform caters to businesses “looking to buy/sell or lend/borrow digital assets.”

What do you think about the merger of Voyager and LGO? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *