Voyager launches cryptocurrency trading at no cost. This is what the new project of one of Uber's co-founders consists of.
New competition is coming on the cryptocurrency exchange market, and in particular in those without commissions. Travel, a startup supported by one of the co-founders of Uber, it has announced its willingness to offer free transactions on at least 15 different cryptocurrencies, including Bitcoin e Ethereum.
The company will function as a sort of aggregation engine for cryptocurrency prices in more than a dozen trading venues, allowing customers to buy and sell Bitcoin and other digital assets at the best available value. By giving up on commissions Voyager expects to compete with Robin Hood, the stock trading app that currently also provides a stock trading service zero-fee trading of five cryptocurrencies.
"We have seen an opportunity to build an intelligent dynamic order router that can benefit the market and offer customers a commission-free service," Voyager CEO Stephen Ehrlich told Fortune. Instead of trading commissions, Voyager will compensate for the difference in revenue by "beating the average price of the coins when we trade."
By linking and simultaneously showing the prices of 10 cryptocurrency exchanges plus three other market makers, including those based in the United States, Voyager believes it can consistently execute purchase and sale orders at better prices than those that customers often get by visiting a single exchange, like Coinbase or Binance.
"Sometimes you go to trade on a certain exchange, but find that there is no liquidity there," explains Ehrlich, the former CEO and founder of Lightspeed Financial, who previously also ran the online trading division of securities brokers E * Trade online after the purchase by Lightspeed. Ehrlich says he became interested in cryptocurrency about a year ago, and that he now intends to bring his experience to the service of individual and professional investors. Will he succeed?
