A new crypto startup is set launch by the end of this year. The crypto exchange known as Voyager is set to charge no commission for trading on its platform. The platform, which is in its beta testing phase will enable its users to trade up to 15 different digital currencies.
The Co-Founder of Uber, a former head of E*Trade, together with other investors are said to have come together to launch the crypto exchange. Voyager, which is a mobile trading app similar to Robinhood is expected to enter the U.S markets in a big way. Since the exchange will charge no commission from trades, it is expected that it will be popular among users as a result.
Pre-launch registration
Voyager is already carrying out pre-launch registration to clients in several states in the US. The exercise is being carried out in California, Massachusetts, Missouri, Montana, and New Hampshire. The company will initially operate in selected states. However, it plans on expanding its operations across the U.S afterward and eventually expanding to the international market as well.
The Founder of Lightspeed Financials, Stephen Ehrlich, will be responsible for heading the crypto exchange as its CEO. He was previously running the trading department of E*Trade, an online stock broker. Philip Eytan, who is an early investor of Uber, and the ride-hailing company’s former chief technology officer, Oscar Salazar are the co-founders of Voyager.
During an interview with Fortune, Ehrlich was optimistic that there still exist numerous opportunities in the crypto sector’s free commissions. He stated that his team grabbed the opportunity to develop a dynamic smart order router that will benefit from the marketplace.
Competitive advantage
The CEO also revealed that the platform has a competitive advantage through its ability to earn more revenue, by beating the average coin price at the point the network executes the trade. Going by the claims, it seems Voyager will show its users that it is a cheaper platform, compared to Binance and Coinbase, by showing them the prices of 10 different exchanges.