The commission-free cryptocurrency market gained more competition on July 25, 2018, when the Voyager revealed the intent to offer free trading for at least 15 different cryptocurrencies.
Voyager, a startup backed by Uber co-founder Philip Eytan, will function as an aggregation engine for cryptocurrency prices across more than a dozen trading companies. The platform will allow customers to buy and sell cryptocurrency at the best value among all the venues.
As many only check exchanges they use most like Huobi, Binance, or Coinbase, the Voyager believes it excels by showing prices of 10 different cryptocurrency exchanges and three additional market makers.
The Voyager staff includes current CEO Stephen Ehrlich – former E*Trade CEO and founder of Lightspeed Financial and CEO Oscar Salazar, founding Uber architect and chief technology officer. Stephen Ehrlich told Fortune in an exclusive interview,
“we saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions.”
Beta Testing & Crypto Decisions
The last week of July 2018, Voyager will enter beta testing and hopes to release the full product by the end of October 2018. Cryptocurrency news and analysis features are expected to be added to the mobile app to help investors make buying and selling decisions.
The list of the 15 cryptocurrencies Voyager will trade is currently still being finalized, Ehrlich asserted,
“If you see it being traded today by some of the most prominent players, we will definitely have those plus some.”
However, the CEO states that his company is “leaning towards” other currencies that aren’t listed by other major U.S. exchanges such as Ripple and Stellar.
Voyager’s free trading product has already been approved in California, Massachusetts, Missouri, New Hampshire, and Montana and hopes to operate in at least 40 U.S. states. Approval for all fifty states will take time, and the company already has pending applications with the state of New York.
Ehrlich concluded his interview with Fortune by saying:
“We don’t think crypto has been adopted yet by the masses in the United States. I believe the market space itself is extremely large…We think the opportunity for both retail and institutional is vast, and we want to be part of that, and help the industry grow, and be good citizens to the industry, and help people get more knowledgeable in crypto assets.”
Cover Photo by Taneli Lahtinen on Unsplash
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