Voyager Digital which is a crypto-based asset brokerage firm has gone public on Canada’s TSX Venture Exchange. It was co-founded by the ex-CTO of Uber. The news has been confirmed with an announcement in their official tweeter platform. Currently, shares are getting traded under VYGR.V.
Earlier, the firm completed its reverse takeover which is also known as a reverse initial public offering or backdoor listing. Generally, A reverse takeover (RTO) is a type of merger that private companies engage in to become publicly traded without resorting to an initial public offering (IPO). Initially, the private company buys enough shares to control a publicly traded company. The private company’s shareholder then exchanges its shares in the private company for shares in the public company. At this point, the private company has effectively become a publicly traded company.
Previously, Voyager announced that it is merging with UC Resources Ltd which is a former shell company and was nearing completion. The step taken allowed the crypto brokerage firm to qualify as a TSX Venture Tier 2 Company during their time of listing.
As per the blog of the firm, Voyager has gone public which makes them compiled to disclose annual and quarterly reports. As per the law, the company would also be required to report any acquisitions, mergers, securities transactions, insider trading by firm employees and ownership changes.
As reported earlier, among its other co-founders are Steve Ehrlich who is the Voyager counts E*Trade veteran and Oscar Salazar who is the former CTO at Uber and one of the company’s original employees since the time of its formation.
Currently, the firm is assigned with launching a zero-fee mobile crypto trading app which is in beta stage development at present. This would allow investors to manage and trade their digital assets across multiple crypto exchanges.
Previously, the firm launched its institutional trading service and its future plans to do the same with the launching of retail trading services for United States residents to be followed by Canadians in Q3 of 2019.
Voyager is focussed upon entering the North American crypto trading sector even though it faces steep competition from other global players such as crypto brokerage and zero-fee stock app Robinhood, wallet service provider and crypto exchange Coinbase and Poloniex which is a San Francisco based firm currently acquired by Goldman Sachs-backed payments platform Circle last year.
One of the crypto industry firms who pursued a similar fashion reverse takeover is Galaxy Digital which is the Mike Novogratz’s crypto-focused merchant bank. It opted for this path in order to secure a listing on the very same TSX Venture Exchange.