Voyager Digital, a crypto-trading trading company, has announced impressive financial results for the first quarter of 2021.
The platform for the exchange and return of cryptocurrencies has announced another record quarter, which will continue in the current quarter. Total revenue for the reporting period was $ 60.4 million, 16 times $ 3.6 million in the previous quarter.
The company ended the quarter with an operating profit of $ 30 million and an adjusted working capital of $ 197 million. This was the company’s first operating profit, Voyager said.
Trading volumes also increased in 2021, which resulted in a significant increase in the company’s revenues. In the first quarter, the first trading volume was $ 5 billion, up from $ 350 million in the basic trading volume in the previous quarter.
Newly funded accounts in May have already gone through April, as there are currently 1.6 million confirmed Nasdaq users.
Voyager CEO and co-founder Steve Ehrlich said the platform’s leading alternative digital currencies and interest rate services offerings have gained significant market share.
“Our focus on a wide range of coins has helped to create a long-term economic model with operating margins that increased to 50% in the third quarter. Given our success, we expect the operating margin to continue to grow in future periods. ”
Voyager currently supports trading with over 50 cryptocurrencies. Ehrlich added that the platform saw an increasing spread of cryptocurrencies as a recognized and investment class in March, which led to significant growth in Voyager.
During the first three months of 2021, Voyager continued to make major upgrades to its system infrastructure and staff, focusing on platform security, scalability and customer support.
Earlier this year, Voyager’s original token, VGX, rose sharply after a series of mergers and acquisitions from the Canadian company. At the time of writing, the Voyager token has been trading consistently all day at $ 2.54, but has lost 23.4% in the last 7 days in a falling market.