Crypto Trading Platform Voyager – Voyager Digital LLC announced that it will suspend most customer account functions due to credit defaults with 3AC.
The cryptocurrency market is in the midst of another bear market, but this certainly seems to shed light on how reckless investors have been during the bubble of the past few years. Crypto wallet and platform Voyager have announced that they will be suspending trading, deposits, withdrawals, and loyalty rewards effective 2pm today. EDT today.
Crypto Trading Platform Voyager
“This was a very difficult decision, but we believe it was the right one given the current market conditions. This decision gives us additional time to continue to explore strategic alternatives with various interested parties while preserving the value of the Voyager platform that we are building together. We will provide additional information in due course.” – Stephen Ehrlich, CEO, Voyager.
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Voyager and its customers now find themselves in the fallout from defaulting on the $670 million Three Arrows Capital (3AC) loan. As of June 30, 2022, Voyager had $685 million in crypto assets and $1.1 billion in crypto assets lent on its balance sheet. This type of reckless lending has become common in the cryptocurrency markets in recent years. Voyager has appointed Moelis & Company and The Consello Group as financial advisors and Kirkland & Ellis LLP as legal advisors to assist them in evaluating strategic alternatives.
What is happening in Three Arrows Capital? Why didn’t they pay off your loan(s)? Media reports indicate that they were forced into liquidation. What does this mean?
Today’s news is unfortunate for anyone using the Voyager crypto platform responsibly, but it highlights the failure of the entire DeFi movement. How different is this world of cryptocurrency from traditional banking, when the same kind of over-lending and risk-taking can crash markets? It remains to be seen if Voyager will be able to recover the hundreds of millions of dollars in crypto assets loaned to 3AC, but for now, they’re holding the bag.
This article is for educational purposes only and should not be considered investment advice. Please consider your investment time horizon, risk tolerance, and consult a financial advisor before acting on this information.
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At the time of writing, major shareholder Asif A. Khan holds crypto assets on Voyager Digital’s cryptocurrency platform.
Asif Khan is the CEO of Emirates Investment Company and a major shareholder. He began his career in video game journalism as a freelance writer for Tendobox.com in 2001. Asif is a Certified Public Accountant and was previously an investment advisor. After huge success with his personal investments, he left his day job in financial services and is now focusing on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he’s a fan of most things Nintendo. Asif had first stopped by Shack when he was in sCary’s ShugaShack to find out all about Quake. It’s a resource for quality electronic music when you’re not diving into investments or games. Asif also has an unbelievable love for Cleveland sports. Crypto Trading Technologies, led by a group with experience in online brokerages, launched the Voyager app for US residents in mid-January. Canadian residents will have access before the end of 2019. We’ve been using Voyager since it’s been in beta testing and found the app very easy to use, plus the trade execution engine searches dozens of cryptocurrency exchanges for the best available rate.
CEO Steve Ehrlich, often a veteran of developing trading platforms for stock and options traders, says his company launched an institutional trading service in October 2018. “Building a cryptocurrency trading network is very difficult, but we did it.” Their development strategy was to create an app that was familiar to online brokerage clients, while also looking for the best rate for each transaction. His team members come from Lightspeed Trading, E*Trade, and Uber, among other former employers.
Trading on the Voyager IOS App is currently available to all US residents except New York State. Voyager executives are actively working with regulators to obtain BitLicense to operate in New York and internationally this year. The company is working on an Android app that it expects to launch at the end of 2019.
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After downloading the IOS app from the App Store, the new user goes through a registration process that will be familiar to anyone who has opened an online brokerage or bank account. While cryptocurrency trading is currently very lightly regulated, Ehrlich and his team believe that rules similar to those governing online brokers will be implemented in the near future. “We add a great deal of credibility to the know-your-customer process and make sure we follow the existing brokerage rules,” says Ehrlich.
Once your account is created, you can link a bank account through Voyager’s partnership with Plaid, which verifies your bank account and allows secure cash transfers. It took me about 30 seconds to verify my checking account and initiate the transfer to my Voyager wallet. Once the transfer was approved, you were able to start trading.
Customers can also transfer Bitcoin (BTC) and Ethereum (ETH) to their crypto accounts. “The addition and withdrawal of Bitcoin and Ethereum deposits has been very well received by the Voyager community as its customer base, deposits and trading volume continue to grow exponentially,” said Ehrlich.
You can sign in to your Voyager account using Touch or Face ID. The first screen you’ll see shows an overview of the coins you can trade. As of September 2019, 21 currencies are available and additional support for currencies will be added when exchanges connect. You can view market data for each asset in the last hour, day, week, month or year. Price and percentage change columns can be sorted from high to low or vice versa with one click. Prices are updated every second, showing an upward movement in green and a falling price in red.
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“We want to give customers the tools they’re comfortable with in terms of brokerage,” says Steve Capone, director of marketing for Voyager. Prices come from a stream called CryptoCompare, which is a complex matrix that calculates averages across multiple markets.
When you click on a currency symbol, you will see a line chart showing the price movements in the time range you selected. You will also find some basic data such as market capitalization, volumes, high and low prices. Below the details screen is a news feed and description of the coin itself, including how the coin was mined.
Clicking “Buy” brings up a trading ticket. Enter the dollar amount you want to buy and drag the trade button to send the order to Voyager’s trading engine. Currently, all orders on the platform are market orders, but Ehrlich says they plan to add limit and stop orders. You can click one of the pre-populated command buttons or enter your own amount. There is also a calculator to help you calculate how much you will get based on the dollar amount you are trading.
Some coins have a minimum investment and I discovered this when I placed an order of $5 Ripple (ticker: XRP). This request was denied with the message that it required a minimum of $10. Especially when the market is moving quickly, it will be helpful to list the minimum trade on the order page to avoid order entry errors.
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After the transaction is posted to the market, Voyager contacts multiple exchanges to find best practices. The order router, version 2.0 of Crypto’s dynamic smart order routing technology with better execution, was updated in August 2019 and executes orders for both USD and Bitcoin.
In many cases, including all actions you took while trying the app, you received a price improvement on demand. “Market pricing is our core competency and that’s what we want to bring to market,” says Ehrlich. If you submit to one trading venue, orders may remain in history for a while; Voyager’s ability to access many exchanges simultaneously means that your order will be executed very quickly, even for minimally traded cryptocurrencies.
After purchasing a coin, there will also be a “Sell” button on the details screen. When you hit sell, you can choose a percentage of your assets or close out the entire position.
Transactions in the app are commission free, but Voyager takes a small portion of the spread, which is the difference between the buy and sell prices. “The markets are very large right now, so we can have a small slice without impacting our customers’ profitability. We want to improve pricing on every order,” said Ehrlich.
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Wallet functionality is supported by a partnership with Ethos, but the company expects to build its own solution in the future.
The app includes a news feed that can:
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Originally posted 2023-05-29 12:18:54.
