Though the commission-free cryptocurrency trading platforms can’t be considered a new notion for the crypto market, another market player is planning to introduce its platform with no fees.
A licensed U.S. crypto asset startup Voyager has revealed its plans to launch a trading platform to provide no-fee trades for at least 15 different cryptocurrencies. Despite the fact that the final list of the cryptos to be available is not ready, it is already known that such major digital currencies as Bitcoin, Ethereum and some other most valuable cryptos will be included in this list.
The company is going to operate its platform according to the principles of aggregation engine for cryptocurrency prices. With such functionality users will have a chance to trade and purchase digital assets at the best prices available.
Voyager boasts an experienced team of professionals. It was established by one of Uber’s co-founders Oscar Salazar and Philip Eytan who is one of Uber’s early investors. Voyager’s CEO is Stephen Ehrlich who earlier worked for the retail brokerage Lightspeed Financial.
Now, launching a commission-free cryptocurrency trading platform, Voyager is going to become a rival for a very notable trading app called Robinhood that also offers free trading services for five cryptocurrencies.
Commenting their plans, Stephen Ehrlich said:
“We saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions.”
Voyager will connect and display prices from a range of cryptocurrency exchanges from the U.S. and abroad at the same time. As a result, it is believed that this will provide customers with buy and sell orders at better prices than they could usually find just using one platform.
The project is going to launch its beta testing in the near future planning to make its mobile trading app publicly available already in autumn. Moreover, the team is considering an opportunity to offer some additional functionality for institutional investors including hedge funds.
There are also some plans to add cryptocurrency news and analysis features to the mobile app. Such features will help regular investors better understand current market conditions and take more weighted buying and selling decisions.
It has been revealed that the team is going to launch its platform gradually as it needs to get licenses in different U.S. states separately. It has already got approvals in a number of states including California, Massachusetts, Missouri, New Hampshire, and Montana. The company has a goal to offer its services for users in at least 40 U.S. states.
Though currently, Robinhood that has launched its product earlier this year is the market leader in no-fee crypto trading, the company’s CEO still hopes that Voyager has good chances to succeed as it will offer much more opportunities for users than its main competitor.
“We don’t think crypto has been adopted yet by the masses in the United States. I believe the market space itself is extremely large…We think the opportunity for both retail and institutional is vast, and we want to be part of that, and help the industry grow, and be good citizens to the industry, and help people get more knowledgeable in crypto assets”, stated Ehrlich.