Crypto trading platform, Voyager purchases Ethos.io for $4 million

02 Mar, 2019 | Updated: 02 Mar, 2019
by Fifi Arisandi
News
Crypto trading platform, Voyager purchases Ethos.io for $4 million

Crypto trading platform, Voyager purchased Singapore-based wallet, Ethos.io for $4 million.

Uber co-founder’s crypto trading platform, Voyager just sealed a deal to acquire token issuer and wallet, Ethos.io.

Read more: Uber co-founder to launch new crypto trading platform, Voyager

The deal that’s worth $4 million will be finalized end of this month, although the payment will not be done upfront.

According to Coinwire, 3.3 million shares will be given to Ethos at the beginning, 1 million will be issued monthly for 24 months and 2.6 million will be held in escrow for 2 years “against any future indemnity claims”.

Having been in a good relationship with Ethos for some time, Voyager’s CEO, Steve Ehrlich said that the acquisition is the next “required” step to achieve the goal of becoming a major player at cryptocurrency trading, payment, security, and custody.

“Before we had separate priorities, but we liked so much what we started together as strategic partners that we decided to bring our resources together. There is some different expertise at the two developer teams, and now they are working closely together,” he said.

Ehrlich went on by explaining the plan to utilize Ethos token to pay cash-back incentives for trading on the platform, which he said it’s still on the phase of “having conversations about that right now, but there are regulatory hurdles related to that”.

Other possible use of the Ethos token is for Voyager users’ token holding interest, which can also be used for margin trading collateral on the platform.

“We’re starting to become a real end-to-end cryptocurrency solution,” Ehrlich stated.

The past couple of months have been pretty busy and productive for Voyager. Following the launching on July last year, the platform launched institutional brokerage on September, which happened just days after the company went public on Canada’s TSX Venture Exchange. Last month, they announced the launching of the iOS version of the app by giving away $25 bonus for new subscribers.

Read more: Trading platform, Voyager launches iOS version giving $25 in BTC bonus

Lastly, aside from the value and mechanism, the acquisition also stated that Ethos founder and CEO, Shingo Lavine will join Voyager’s board and become the chief of innovation.

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Read more about: Ethos (ETHOS)

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