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In addition to accepting USDC, Voyager also plans to offer commission-free equity trades to users.
Crypto company Voyager Digital (TSE: VYGVF) has revealed plans to allow customers to buy stocks with USDC. Amid the growing acceptance of cryptocurrency by several companies, the crypto platform said it would launch a feature later in the year that will give customers access to buy traditional stocks with stablecoin. According to Bloomberg, the new offering to allow consumers to buy stocks with USDC is a result of the joint venture between Voyager and Market Rebellion. The joint venture was announced in May to operate a regulated broker-dealer. The combined business will handle equity trades on behalf of Voyager’s handles.
Voyager Plans to Accept USDC for Traditional Stocks
Voyager’s new move signifies how crypto platforms make an effort to expand their business. Also, these exchanges seek to diversify their sources of revenue. More importantly, no company wants to lose its customers to competitors. Hence crypto exchanges integrate more features to offer more services to their consumers. Crypto derivatives exchange FTX.US and Bitstamp USA is currently considering equities trading. However, the companies are yet to announce any intentions to allow Stablecoins in the transactions.
Voyager CEO and founder Steve Ehrlich commented on accepting USDC for stocks. He said:
“Incorporating stock trading, especially basing it on digital dollars, is a natural extension of what we’re doing, of our value proposition and what consumers are going to want in the near future.”
In addition to accepting USDC, Voyager also plans to offer commission-free equity trades to users. According to the CEO, this will be available in the second half of the year. Ehrlich also said that the company would be careful to comply with all Financial Industry Regulatory Authority guidelines. Bloomberg noted that the executive refused to comment on the transaction details involving USDC and stocks.
Voyager Plans New Moves for 2022
Furthermore, Voyager will be launching a crypto-funded debit card over the next eight weeks. To this effect, the company has partnered with financial services corporation Mastercard Inc (NYSE: MA) and Metropolitan Commercial Bank. The crypto company is surely planning to expand significantly this year. Voyager expects to explore the NFT space and debut in Europe and Canada. With 35 employees about a year ago, the crypto platform now has 275 workers. Moving forward, the company plans to increase its recruitments in services and technology, targeting 450 employees by year-end.
Voyager offers a variety of services, including crypto staking, yield products, and trading. With about $5 billion in assets under management (AUM), Voyager is listed on the Toronto Stock Exchange (TSE) and offers its services to retail consumers in the US, except New York. Except for gaining 12.35% in the last five days, Voyager has been recording losses.