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Crypto broker Voyager has entered into the agreement with Circle Internet Financial to acquire Circle Invest, which is the retail digital asset app.
Digital asset broker the Voyager announced its acquisition of a retail trading app from Circle Internet Financial on February 12, 2020. According to the acquisition agreement, Voyager will be integrating the features of the acquired Circle Invest app with its platform. Therefore, adding more than 40,000 new customers to its 200,000 already existing customer base in its platform.
The operator of a U.S digital asset broker and also the Ethos Universal Wallet will become one of the largest digital asset only trading agency broker in the United States. According to the acquisition statement, most of the Circle customers will be converted fully to the Voyager platform by the end of March.
Details of the Circle-Voyager Deal
According to co-founder and CEO of Voyager Stephen Ehrlich, product line acquisition is a tremendous development for the company as it will reciprocate to substantial new users welcomed to the platform. Stephen continued to say that the acquisition will enable the platform to deliver the objectives made to the investors, which is offering regulated brokerage services to as many investors and customers as possible.
According to the report, the acquisition will offer Circle Invest customers a bigger ranger of digital assets and trading features from the Voyager, and in return integrate Circle’s new Stable coin platform to its existing customers.
In addition to that, Circle customers will have access to commission-free trading of the offered digital crypto assets. They will also have unique access to the secure omnibus custody wallet and also a portfolio management tool to assist them in their trading process.
On the other hand, circle brings onboard its collection feature that allows customers to buy grouped assets according to their market capitalization. This will offer Voyager customers a better chance to explore more possibilities in their trading quest.
According to Circle Director of Product Management Rachel Mayer, it was in good faith that they continue providing Circle Invest customers with a wider scope of retail investment features. According to her, the transaction came at a time when Circle is launching its new platform services and other products to assist them in stable coins business.
Through the new partnership, the two companies will work together in delivering fast and global low-cost payments to their customers. According to Ehrlich, the partnership will greatly boost the two companies’ shared vision of bringing blockchain tech into the global economy with the huge mass behind it.
Circle will be issued with common ownership stake shares by Voyager of around 4% in addition to reimbursement of certain costs to be incurred by Circle Invest.