What is VGX (Voyager)

In the ever-evolving world of cryptocurrency, Voyager Token (VGX) has been making waves as a unique digital asset. We will explore the various aspects of VGX, including its origins, use cases, features, and investment potential. We will also analyze its future prospects and the latest news surrounding this intriguing token.

What is VGX and How does it Work

Voyager Token (VGX) is the utility token associated with the Voyager mobile app, a prominent cryptocurrency broker platform that allows users to buy, sell, swap, and invest in a wide range of cryptocurrencies. Available on both iOS and Android operating systems, the Voyager app aims to provide traders and investors with a seamless and cost-efficient trading experience.

The app supports trading, swapping, and investing in over 60 cryptocurrencies and tokens, empowering users with financial freedom and efficient portfolio management. Voyager sets itself apart by offering competitive interest rates on more than 30 cryptocurrencies, including Bitcoin, Ethereum, Polkadot, and Dash, without requiring users to lock up their funds.

At the heart of the Voyager app’s functionality is the Voyager Smart Order Routing system. This feature connects users to top cryptocurrency exchanges, enabling them to access the best rates across multiple platforms within a single app. The system simplifies the trading process and makes cryptocurrency trading more accessible to a broader demographic.

What is VGX Most Commonly Known for?

Voyager Token (VGX) is an integral part of the Voyager ecosystem, which is known for its user-friendly mobile app that streamlines trade execution. VGX is an ERC-20 token built on the Ethereum network, functioning as the utility token within the Voyager app. It plays a key role in offering rewards and incentives to users, including the ability to earn compound interest on various cryptocurrencies, with Ethereum and Bitcoin being the most prominent examples.

VGX not only enables commission-free trading but also provides users with access to the best rates across multiple exchanges, thanks to the Voyager Smart Order Routing system. This unique feature allows users to maximize their trading profits and seamlessly navigate the world of cryptocurrency trading. As a utility token, VGX also unlocks additional services within the app and offers cashback rewards to its users, making it an essential component of the Voyager trading experience.

From Birth to Bankruptcy

Voyager, an American cryptocurrency platform, was founded in 2017 by a team of finance and technology industry veterans, including CEO Stephen Ehrlich, Chairman Philip Eytan, and Gaspard de Dreuzy, who has been involved in several tech companies. The company’s mission is to provide secure and trusted access to cryptocurrency trading, offering best-in-class customer service, access to popular assets, and commission-free trading.

The Year 2019

Stock Exchange Listing

Voyager Digital (Canada) Ltd debuted on the Toronto Venture Exchange (TSX.V) in February 2019 under the symbol VYGR.V. In September 2019, Voyager Digital Ltd. was listed on the Canadian Stock Exchange (CSE) under the ticker symbol VYGR.CN. In 2021, Voyager announced that it would de-list from the CSE and trade on the Toronto Stock Exchange (TSX) under the new ticker symbol VOYG.

Voyager launched its own cryptocurrency, the Voyager Token (VGX), as a way to reward loyal customers. The token’s origin dates back to the Ethos Token, launched in 2017. In 2019, Voyager acquired Ethos.io, integrating its team, technology, and native token into the Voyager ecosystem.

The Year 2020

Initially, the platform operated with multi-token functionality. However, in 2020, Voyager consolidated its native tokens into a single token model known as VGX 2.0. The VGX coin exists on the Ethereum blockchain as an ERC-20 cryptocurrency.

According to the project’s whitepaper, Voyager utilizes the VGX 2.0 token to enhance platform adoption and functionality. The company planned to introduce additional features, including a debit card and decentralized finance (DeFi) offerings. Customers deploying and staking VGX 2.0 through the platform or web portal will play a crucial role in powering rewards within the expanded ecosystem.

2021: The Crypto Crash

Voyager was also affected by the global crypto crash and filed for bankruptcy protection in July 2021 after announcing the suspension of all trading, deposits, withdrawals, and loyalty rewards for its customers.

Source: https://www.investvoyager.com/

In June 2021, the company reported that a client, the now-bankrupt crypto hedge fund Three Arrows Capital, owed Voyager 15,250 BTC tokens and $350 million in USDC. After news of Voyager’s bankruptcy, the VGX token price rose, and the company received buyout offers from 88 potentially interested buyers, with 20 actively in discussions with the company. FTX US, Alameda, and West Realm Shires offered to buy out Voyager, but the company called their bid a “low-ball bid dressed up as a white knight rescue.”

During a hearing presentation on August 4, Voyager stated that it had received “higher and better” buyout offers. However, no agreement was reached by September 8. Amid takeover news, the Voyager token price experienced several small boosts, including a 290% increase between July 11 and 13.

Invezz analyst Crisous Nyaga noted that the VGX token’s performance could be attributed to rumors of potential acquisitions by Binance or FTX. Traders hoped that if Voyager continued operating as a going concern, staking rewards, and cashback returns would be resumed.

VGX’s price increase has also been linked to rising demand for “cryptocurrency fallen angels,” such as Terra (LUNA), Terra Classic USD, and Celsius (CEL). Dr. Pooja Lekhi, Professor of Finance at the University of Canada West, observed that VGX had outperformed many cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), attributing this to companies like FTX and Binance negotiating to acquire Voyager. If successful, the potential buyer would likely have the resources to revive the firm.

The Present

In July 2022, Voyager stated in its blog that it was in discussions with various parties regarding additional liquidity and the go-forward strategy for the company, and while they did not have any further information to share at the time, they were hopeful that they would have more to share soon. The suspension affected Voyager’s debit card, and customers were advised to stop any direct deposits or automatic payments made from the account connected to the debit card. Voyager had been pursuing recovery from Three Arrows Capital (3AC) through the court-ordered liquidation process in the British Virgin Islands after 3AC failed to repay their loans. Voyager intends to pursue all other available remedies as well. Voyager had rewarded its customers in June and planned to continue doing so in July, but the date for lifting the suspension on trading, deposits, withdrawals, and loyalty rewards was not specified.

Voyager Digital, a cryptocurrency trading platform, announced on July 1, 2022, that it would temporarily suspend trading, deposits, withdrawals, and loyalty rewards at 2:00 PM Eastern Daylight Time on the same day. The company stated that this decision was necessary to explore strategic alternatives and preserve the value of the platform after filing for bankruptcy protection in July 2021. Voyager was in discussions with various parties regarding additional liquidity and the go-forward strategy for the company.

The Acquisition & US Government

In September 2022, Voyager announced the selection of Binance.US as the highest and best bid for its assets valued at approximately $1.022 billion, including the fair market value of Voyager’s cryptocurrency portfolio, which was estimated to be $1.002 billion, and additional consideration equal to $20 million of incremental value. However, on March 27, 2023, a federal judge temporarily stopped the sale of bankrupt Voyager Digital to Binance.US to allow the U.S. government more time to pursue appeals that challenge the legality of the deal.

The U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee had filed appeals arguing that the protections could rubber stamp crypto tokens that might be unregistered securities and transactions that could be illegal under U.S. securities laws. Voyager had argued that a delay could cause Binance.US to back out of the deal entirely. Binance.US has agreed to pay $20 million in cash to Voyager and take on crypto assets deposited by Voyager customers.

Epilogue

Voyager Digital Holdings in April 2023 finally resolved legal concerns with the United States federal government, paving the way for its $1 billion deal with Binance.US to move forward. Despite the government’s attempts to halt the deal, a U.S. bankruptcy judge granted approval, citing harm to Voyager’s former clients if the deal was delayed. In a court filing, 97% of the 61,300 Voyager account holders were in favor of the deal, and Voyager has been working on a plan to redistribute funds to creditors since filing for Chapter 11 bankruptcy in July.

Understanding VGX

The Voyager Token (VGX) is an essential component of the Voyager ecosystem, designed to reward and incentivize users for their loyalty and participation in the platform. As an ERC-20 token on the Ethereum blockchain, VGX 2.0 offers multiple benefits to its holders, including enhanced functionality, access to new features, and a variety of rewards.

Token Utility and Functionality

VGX 2.0 serves as the backbone of the Voyager ecosystem, providing users with a range of benefits for holding and staking the token. Some of these benefits include:

• Enhanced rewards on interest-bearing crypto assets
• Reduced withdrawal fees
• Referral bonuses for inviting new users to the platform
• Access to exclusive promotions and events
• Participation in future platform governance
• Staking VGX

Staking VGX 2.0

Staking VGX 2.0 allows users to earn rewards while contributing to the platform’s growth and stability. By staking VGX tokens, users become an integral part of the expanded ecosystem and can access additional benefits and opportunities on the platform.

DeFi Offerings and Debit Card

Voyager plans to introduce more features to its ecosystem, including DeFi offerings and a debit card. These new features will expand the platform’s capabilities, providing users with more ways to utilize VGX and engage with the Voyager ecosystem.

Token Evolution and Integration

The evolution of the VGX token, from the original Ethos Token to the rebranded VGX 2.0, showcases the platform’s commitment to innovation and growth. The VGX 2.0 token model was created to enhance the token’s utility, functionality, and integration with the Voyager platform, as well as future applications and the broader crypto asset ecosystem.

The Voyager Token (VGX) serves as the foundation for the Voyager ecosystem, offering users a range of benefits and incentives for their loyalty and participation. The token’s evolution and integration demonstrate the platform’s commitment to innovation, ensuring that it remains a competitive force in the cryptocurrency space. By understanding the functionalities and benefits of VGX, users can unlock the full potential of the Voyager platform and its offerings.

Use Cases and Features

Smart Order Routing

The Voyager Token utilizes Smart Order Routing technology to take advantage of price discrepancies between various cryptocurrency exchanges. By instantly connecting with numerous exchanges, investors can choose the best available exchange rate for their transactions. This feature allows traders to assess spreads between bid and ask prices as well as liquidity levels across different exchanges, making it easier to enter and exit positions.

Intuitive Order Placements

Ordering on the Voyager mobile app is simple and straightforward. Users can enter their order information, swipe up, and wait for the order to complete. The platform is designed for quick and easy order placement, requiring just a few taps on the user’s smartphone.

Custom Chart Views

The Voyager app offers both horizontal and vertical chart views. Vertical placement is ideal for understanding bid and ask spreads, while rotating the phone to a horizontal position allows users to access the advanced charting and analysis tools included with Voyager.

Two-Factor Authentication

Voyager’s addition of two-factor authentication (2-FA) provides an extra layer of security to ensure that only the user can access their account. While it’s SMS/Email 2-FA, it’s still an improvement over the initial password protection.

Seamless Registration and User-friendly Interface

Voyager has streamlined the registration process, making it quick and easy to use, allowing users to start trading sooner. The platform offers a user-friendly interface that caters to both seasoned cryptocurrency traders and newcomers alike.

Fee-Free Investing

The Voyager app does not charge any fees for investing, setting it apart from other broker services and products. It’s also the only broker app that allows users to earn compound interest.

Earn Interest in Cryptocurrencies

Voyager enables users to earn compound interest on over 30 available cryptocurrencies, including Bitcoin, Ethereum, Polkadot, Dash, and more. Users can deposit the minimum monthly balance without locking up their funds to benefit from this feature.

Intelligent Order Routing

The Smart Order Routing engine connects with 12 of the largest cryptocurrency exchanges worldwide to consistently offer the best exchange rate. This feature increases liquidity, offers tighter spreads, and makes it easier to enter and exit positions.

Is VGX a Good Investment?

Determining whether VGX is a suitable investment for you depends on your individual situation and tolerance for risk. Cryptocurrencies are known for being high-risk assets, and it is recommended that you conduct your own research and assess the amount of risk you are comfortable with before making an investment. It is essential to avoid investing money that you cannot afford to lose.

How can you Own VGX?

Going through a centralized cryptocurrency exchange is one approach to acquiring VGX. The first step is to create a Gate.io account and complete the KYC process. Once you have deposited money into your account, follow the instructions to purchase VGX on the spot or futures market.

Take action on VGX

• Trade VGX/USDT
• Trade OKB/ETH