The positive boost from DeFi and the cryptocurrency industry in general is translating into faster growth for publicly traded digital asset broker Voyager Digital, which announces that this quarter's revenues are seeing an eight-fold increase over the previous quarter. average pace of the previous 12 months.
Voyager: Revenue boosted by the DeFi explosion
Voyager CEO Steve Ehrlich said the company is achieving a revenue pace of approximately $ 2 million during its first fiscal quarter ending September 30, compared with $ 1,1 million in the fiscal year ended. in June.
The company's shares, listed on the Canadian Securities Exchange, rallied about 250% a year, far outstripping the 49% year-to-date gains for the largest cryptocurrency, bitcoin (BTC), and 169 % for second-ranked ethereum (ETH).
Ehrlich admitted that he was very happy with the investors they buy the shares of Voyager to participate in the growth of the cryptocurrency industry. It makes no sense for shareholders to delve into the nuances of individual tokens, he said, given the industry's extreme price volatility, which is now known to all.
“You have access to the digital cryptocurrency markets but you are getting it through a publicly traded company that operates on behalf of their clients,” Ehrlich said. He said part of Voyager's growth in the quarter comes from investors seeking quick gains from the rapidly changing world of decentralized finance, or DeFi, where programmers use blockchain technology to build automated networks for lending and trading. It is a company that aspires to challenge traditional Wall Street firms with a cheaper and potentially fairer model.
Voyager doesn't follow Microstrategy's lead
But Ehrlich also acknowledged that DeFi tokens can be complicated and require "educational" efforts. Tokens often represent poorly tested projects in poorly established markets. Prices for Kyber Network's KNC token, traded on Voyager, have plummeted 41% over the past month, although they are worth about five times higher than when they started the year.
Ehrlich said Voyager has no plans to extend any of the company's corporate treasuries to cryptocurrencies. A similar stock, however, was recently announced by Microstrategy, a publicly traded company that claimed to have invested at least $ 425 million in bitcoin. “Our investors want us to be that brokerage firm,” Ehrlich said.
"They want us to execute the trade in microseconds for customers, not make bets on currencies one way or another." He added that he has encouraged some business executives to follow Microstrategy's bitcoin strategy and consider converting their money into dollar-linked USDC stablecoins, which can be deposited on Voyager for an interest rate of 9,5%.
