Voyager Digital buys Circle's Crypto Investing App Business

Finance company Circle Internet has agreed to sell Circle Invest, crypto investing app business, to Voyager Digital.

Circle Invest is a digital-asset-investment app for individual investors. As a part of this deal, Voyager will issue common shares to Circle giving around 4% ownership stake in the Company. This is after closing and reimbursement of certain costs incurred by Circle.

Circle recently sold its Circle Trade over-the-counter trading business to crypto exchange Kraken. The company has also sold and spun out the Poloniex exchange business into a standalone company which is now backed by an Asian investment group.

Executive Opinion

Co-Founder and CEO of Voyager, Stephen Ehrlich, said, "This product line acquisition signifies a tremendous development for Voyager as we welcome a substantial number of new users to our platform. This transaction also helps us deliver on our promise to investors, providing regulated brokerage services and resources to as many users as possible in the digital asset marketplace. Going forward, we remain committed to building best-in-class features for the Voyager Platform to empower investors and bring into the mainstream the most revolutionary asset class to date."

Director of Product Management at Circle, Rachel Mayer, said, "We're very happy to be able to provide Circle Invest customers with a broader depth of retail investment features through the transaction with Voyager. This transition comes at a time when Circle is launching new platform services and products for businesses around the world to help them bring the benefits of stablecoins into their products and grow global commerce in new and innovative ways."

Voyager gains 40000 accounts, Circle to focus on USDC

The end of March 2020, will witness Circle Invest customers' migration to the Voyager platform. After Circle Invest's acquisition, Voyager will get 40,000 retail accounts. This makes Voyager largest digital-asset-only agency brokers in the U.S., notes the announcement.

Circle Invest customers will have commission-free trading of more than 30 crypto assets. Other entitlements for services include lock-up free interest yield on popular coins, digital transfers, secure omnibus custody wallets, and portfolio management tools such as limit orders, news, and alerts.

The Circle is focusing on Global stablecoins and public blockchains (USDC) specifically. Voyager will be integrating features of Circle's new stablecoin platform service into the Voyager Platform, says the announcement.