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Voyager Token (VGX), also known as BQX at some exchanges, is Voyager’s cryptocurrency exchange’s proprietary token.

The exchange sets itself apart from its competitors by claiming to be a commission-free crypto broker platform and the smart order router also allows clients to trade on multiple exchanges.

Since the turn of the year, VGX is up 620% and on January 15, the token hit a new all-time high of $ 1.48.

Voyager (BQX) token price at Binance. Source: TradingView

In addition to having a fiat gateway, the platform also offers market data, interactive charts, crypto research and up to 9% interest on stablecoins along with payouts for Bitcoin and other cryptocurrencies if users leave them in their exchange wallets.

Token activity is growing exponentially

Data from the chain shows that activity only started to pick up a few weeks ago, with the number of daily active addresses exceeding 1,500, while transfers quickly reached $ 60 million.

VGX daily transfers and unique addresses. Source: etherscan.io

Invest Voyager app allows traders to earn interest without lockups and users who wager a certain amount of VGX token unlock higher returns. Additionally, the platform is owned by a publicly traded company in Canada, Voyager Digital Ltd. (CSE: VYGR), a fully regulated entity with a market capitalization of $ 600 million.

The Deal with TSX exchange list in Canada also hides an interesting story. By acquiring a defunct shell company, Voyager was able to manage a reverse merger in February 2019. More interestingly, not a single USD was paid for the deal, which involved stock of the new company.

In October 2019, Voyager announced a partnership with Celsius Network to manage some of its customers’ assets. This allowed the broker to diversify his betting offer.

Another remarkable milestone was Circle Invest takeover completed in February 2020 with more than 40,000 accounts converted. Circle Invest was previously involved in the USD Coin (USD) stablecoin, alongside Poloniex Exchange, although both projects had already been divested. It’s worth noting that the deal did not involve cash, but was settled in shares of Voyager Digital.

These developments explain the current increase in user accounts and token activity and similar to Coinbase, Voyager’s fiat on disaster and regulated status could make the exchange a top choice for future crypto investors in the United States.

The price increase of VGX follows new acquisitions and European expansion

Currently, Voyager exchanges are available for every US state except New York as the company awaits BitLicense approval. In October 2020 Voyager Digital has acquired the French-based OCT, a fully licensed European exchange for digital assets aimed at institutional investors.

Hugo Renaudin, CEO of LGO, explained that the French company would shut down its dedicated institutional exchange, while LGO would operate under the Voyager brand, although it would mainly focus on retail.

Total volume traded on Voyager’s platform was $ 120 million in November 2020, while assets under management exceeded $ 485 million on January 15. To date, more than 200,000 users have downloaded the iOS and Android applications and further expansion into Europe would increase the user base of the platform.

Voyager (VGX) Twitter User Activity vs Price (USD). Source: The tie

Data from TheTIE, an alternative social analytics platform, shows that the recent price spike was preceded by increased social network activity. Aside from a few users complaining about KYC-related recording issues, the general sentiment around Voyager and VGX is positive.

Offering up to 9.5% annual yield on stablecoins and being a fully licensed broker offering altcoin trading and staking to US citizens appear to be the main drivers behind the platform’s momentum.

As for the economy behind the VGX token, the option of a debit card with cash back rewards, a discount on withdrawal fees, and an interest rate hike at stake may be needed to further boost valuation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect Cointelegraph’s opinion. Every investment and trade move carries risks. You should do your own research when making a decision.