Voyager Digital’s quarterly revenue grows 16x and the company makes its first operating profit

The crypto asset trading company Voyager Digital announced its financial results for the first quarter of 2021 and they are impressive.

The retail cryptocurrency trading and performance platform had another record quarter, and momentum continues into the current quarter. Total revenue for the period was $ 60.4 million, an increase of more than 16 times over $ 3.6 million in the previous quarter.

The company ended the quarter with operating income of $ 30 million and adjusted working capital of $ 197 million. It was the company’s first quarter with an operating profit, Voyager said in a statement.

Voyager Digital’s quarterly revenue grows 16x and the company makes its first operating profit
Voyager Digital’s quarterly revenue grows 16x and the company makes its first operating profit

Trading volume also skyrocketed in 2021, which boosted the company’s sales tremendously. A par value of $ 5 billion was reached in the first quarter, compared to $ 350 million par value negotiated in the previous quarter.

The new accounts funded in May have already exceeded those of the entire month of April, and there are currently 1.6 million verified usersaccording to the Nasdaq.

Voyager CEO and Co-Founder, Steve Ehrlich stated that the platform’s top altcoins and asset offerings have gained significant market share.

“Our focus on a wide range of currencies has contributed to a long-term economic model. The operating margins in the third fiscal quarter rose to 50%. Given our success to date, we assume that our operating margin will continue to increase in future periods. “

The Voyager application currently supports trading more than 50 crypto assets. Honestly added In March, cryptocurrencies were introduced exponentially as a recognized and invertible asset classwhich resulted in significant growth for Voyager.

In the first three months of 2021 Voyager continued to make significant improvements to its system infrastructure and staff, focusing on platform security, scalability and customer service.

Earlier this year, Voyager’s native token VGX saw explosive growth after a series of mergers and acquisitions by the Canadian company. At the time of writing, the Voyager token was trading unchanged at $ 2.54 that day, but had lost 23.4% in the past seven days in the market crash.

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