The Canadian trading and yield app made $60 million in sales in the first quarter of 2021.
Voyager Digital, a cryptocurrency asset trading company, has released its financial reports 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 corporation finished the year with a $30 million nett profit and a $197 million consolidated working capital. Voyager said in an announcement that it was the company’s first-ever nett profit year.
Trading rates have already increased in 2021, resulting in a significant increase in sales for the company. In the first quarter, $5 billion in principal volume was traded, compared to $350 million in the previous quarter.
According to Nasdaq, the number of newly supported accounts in May has already exceeded the total number of confirmed users in April.
Steve Ehrlich, the platform’s CEO and co-founder, reported that the platform’s leading altcoins and interest-yielding asset offerings have achieved substantial 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.”
Over 50 crypto assets are currently supported by the Voyager software for trading. In March, the platform saw exponential acceptance of cryptocurrencies as a known and investable asset class, which translated into substantial development for Voyager, according to Ehrlich.
Throughout the first three months of 2021, Voyager continued to invest heavily in its systems technology and personnel, with an emphasis on application security, scalability, and customer service.
Voyager’s native token, VGX, experienced exponential growth earlier this year as a result of a series of mergers and acquisitions for the Canadian firm. 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.