Adding to the existing competitiveness in the commission-free cryptocurrency trading market, a new rival steps in. As announced yesterday, Voyager, a newly constituted firm that is aided by Uber’s co-founder, discloses its plan of action wherein it aims to offer no fee trade of at least 15 digital coins, which would essentially include Bitcoin, Ethereum, and others.
The startup would act as a tool or instrument to level up the cryptocurrency prices across a number of digital asset exchange platforms. It would offer digital tokens like Bitcoin, to the traders at the best price available so that they can buy and sell at the minimal cost. The prime target of the venture is to be on par with or rather surpass its biggest rival, Robinhood, the stock trading app that presently delivers commission-free trading of five cryptocurrencies.
Citing Voyager’s CEO, Stephen Ehrlich,“We saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions.” He also makes a remark that Voyager, instead of charging commission fees will instead compensate its revenue “by beating the average price of the coins at the point in time we execute the trade.”
As per claims, Voyager could possibly link with 10 cryptocurrency exchange platforms at the same instant and show the respective values offered by them. It would also connect you with three additional market makers, including those established in the U.S. as well as abroad, at the same time. In this way it expects to furnish its clients with better trading opportunities than they receive by visiting a single digital exchange, such as Coinbase or Binance.
The company, not only enjoys the support of Uber’s co-founder but also, it is backed up by various other big shots. Other co-founders of Voyager include, Gaspard de Dreuzy, Voyager’s chief product officer, and board chairman Philip Eytan, an early Uber investor, and Oscar Salazar, the founding architect and chief technology officer of Uber. Salazar is the main tech advisor to the firm (Voyager) and also a major investor in it.
Voyager, intends to launch its mobile application with zero trading charge by the end of October 2018. As planned, the application would not only allow the traders to buy and sell cryptocurrency, but would also keep them updated with the latest news relating to the cryptocurrency market which would facilitate proper and timely decision-making.
The launch of the commission-free trading application could take a bit longer, as the process requires availing necessary state licenses in the U.S. Though it has been sanctioned by a few states such as California, Massachusetts, Missouri, New Hampshire, and Montana, it has pending applications with states like New York yet.