Voyager Digital Reports 75% Revenue Rise in Q4, Cites Increased Crypto Adoption
Cryptocurrency broker Voyager Digital (CNSX: VYGR) says its revenue for Q4 2020 is expected to reach around $3.5 million, an increase of 75% from the previous quarter.
- In an announcement Tuesday, the Canada-listed firm said the increase is also up 3,877% from the fourth quarter of 2019.
- Voyager further reported a December revenue run rate of over $20 million, compared to $200,000 in December 2019. A run rate is estimated revenue extrapolated from available figures.
- Assets have continued to grow, Voyager said, increasing over three times from the September quarter to over $265 million in early January.
- “As widespread adoption of cryptocurrency grew in the latter part of 2020, we have seen 2021 get off to a quick start and we are well-positioned to continue our extraordinary growth through 2021 and beyond,” said Stephen Ehrlich, co-founder and CEO of Voyager.
- In October, Voyager moved to expand into Europe, acquiring LGO, a French cryptocurrency exchange primarily serving institutional investors.
Read more: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.