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Voyager Digital records a massive increase in quarterly revenue

Updated: Aug 31, 2024
Published: May 26, 2021
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Canadian cryptocurrency trading firm Voyager has reported $60 million in revenue for the first quarter of 2021.

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Voyager reports 16x revenue growth

Cryptocurrency trading platforms recorded massive growth in the first quarter of the year as Bitcoin, and other cryptocurrencies all set multiple all-time highs during that period. More companies are reporting their earnings, and it is favorable.

Crypto asset trading firm Voyager Digital reported that it generated $60.4 million in the first quarter of 2021. This represents a 16x growth after recording $3.6 million in the fourth quarter of 2020. According to the company, it made $30 million as operating profit. "Operating profit of US$30 million for the fiscal third quarter, with an operating margin of 50% - the Company's first-ever quarter of operating profit," Voyager wrote. The company also reported increased trading volume, with $5 billion traded in Q1 2021 compared to $350 million in Q4 2020.

Voyager Digital is a publicly-traded holding company that operates a cryptocurrency asset trading and yield platform. The platform provides retail investors with an easy and seamless solution to trade cryptocurrencies. It claims that it provides traders with competitive price execution using its smart order router. The company also provides a custody solution on some of the leading cryptocurrencies.

Bitcoin Suisse is one of its biggest competitors

Voyager performed excellently despite facing stiff competition from other crypto trading platforms such as Bitcoin Suisse, CoinSpot, Coinhouse, Tagomi, Coinmama, etc. These platforms also provide investors and traders easy access to some of the leading cryptocurrencies.

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