Publicly traded crypto-asset brokerage firm Voyager Digital has announced the support and implementation of Elrond (EGLD) for customer trading. The addition of Elrond expands Voyager's offerings of over 50 tradable digital assets on its platform, giving Voyager users an array of assets delivered by a fully regulated, compliant and secure exchange.
The introduction of Elrond will allow Voyager customers to trade EGLD straight for US dollars, allowing additional ease of use and transfer without the need to go through other cryptocurrencies. On many exchanges, users would first need to trade EGLD for a stablecoin before cashing out to USD, creating additional steps and transaction costs; with Voyager, this process is unified.
When asked about the incorporation of EGLD into the Voyager platform, Steve Ehrlich, Voyager co-founder and CEO, stated:
"Voyager is excited to give US customers an easy way to invest in Elrond Network... As our growth accelerates, we will continue to expand our platform and offer our community the most exciting digital assets to invest in."
Voyager Continues to Grow
The introduction of the newest tradable asset on the platform comes at an opportune time, as Voyager recently passed a significant milestone, surpassing over $200 million in assets under management (AUM). This number would be impressive on its own merit, but considering this achievement was made possible with 40x growth over the last year, it shows how much Voyager has grown as an exchange. This could not have been reached without the large scale growth of Bitcoin and the cryptocurrency space as a whole in 2020, but when comparing Voyager's 40x increase with Bitcoin's 4-5x in the same timeframe, it paints a better picture of the successes Voyager has enjoyed over the last 12 months.
Voyager has grown not only its AUM, but also its total customer base. After Voyager acquired Circle's trading application last year, it expanded its customers by 40,000, increasing Voyager's entire user base to just under 250,000 active customers. Considering the increased competition of brokerage firms and exchanges entering the ecosystem, Voyager has shown its ability to attract and retain users, growing its market share.
Scaling the Blockchain Ecosystem With Elrond
Commenting on the integration of ELGD trading into Voyager, Beniamin Mincu, Elrond co-founder and CEO, said:
"The successful transition from traditional to decentralized finance will help our regulatory framework evolve in many positive ways. A publicly traded company built to simplify onboarding to the crypto space is a powerful catalyst toward unlocking blockchain's multi-trillion-dollar potential. We're excited to work with Voyager towards compliant adoption at an internet-scale."
Elrond was created to be a platform focused on systematically enhancing blockchain throughput, or the ability to quickly and accurately facilitate transactions. Elrond has introduced two innovative measures to achieve this goal, the first being the introduction of a novel sharding mechanism, and the second its Proof-of-Stake (POS) verification methodology. By combining these two aspects, Elrond delivers provable blockchain scalability, with the processing power to verify 15,000 transactions per second (TPS) with only six seconds of latency.
These capabilities, combined with the cheap cost to transact on the network, position Elrond to be a top contender in the race to mainstream blockchain scalability. This latest integration between Elrond and Voyager should prove fruitful as both continue to mature and establish themselves in the space.