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Cryptocurrency trading app Voyager Digital has secured a major milestone in its push for further expansion. This week, the company confirmed that it had received regulatory approval to launch its services in Europe.
Vive la France!
Voyager confirmed that it had secured regulatory approval from two major regulators, per an official press release. The trading app was granted approval by the Autorité de contrôle prudentiel et de résolution (ACPR) and the Autorité des marchés financiers (AMF). The firm received a “fit and proper” designation from the AMF and the ACPR, to operate under its French holding company, LGO Europe SAS (LGO). Voyager’s announcement marks a significant milestone. The company is based in the United States but listed in Canada. Following approval in this major jurisdiction, the company will make expansion moves unencumbered. The company’s chief executive and co-founder, Steve Ehrlich, explained that this move would enable Voyager to bring its upcoming mobile app to European customers and grow into a global crypto brand. Voyager has been making moves in 2021 to expand its service range. The company got on the map earlier this year when it recorded its first profitable financial quarter. Since then, it has been plotting a proper expansion path outside of the United States and Canada. In August, Voyager completed the acquisition of Coinify - a growing crypto payments company that offers services to Europe, Asia, and other regions. The deal was worth a reported $85 million, with Voyager paying $70 million of that in stock options.
Looking Towards the Future
With the Coinify deal locked, Voyager has a robust infrastructure to maintain the highest anti-money laundering (AML) and know-your-customer (KYC) standards. The company believes that it can achieve full compliance with identity verification laws. Chief International Officer Lewis Bateman said,
"We have a long waiting list of European customers who are looking forward to the launch of our app." “The crypto economy is global, and we are excited about the prospect of servicing these customers and delivering the Voyager quality access to a broader customer segment.”
Voyager’s milestone is just the latest in crypto-friendly overtures from European nations, with the region now the most active for cryptocurrencies in the world, according to Chainalysis data. Other European countries are also opening up to crypto. Late last month, SEBA Bank AG - a Swiss-based digital currency institution - secured a CISA license from the Swiss Financial Market Authority (FINMA). The permit will allow SEBA to facilitate institutional custodial services seamlessly. SEBA has now become the world’s first digital asset-focused bank to get a custody license. It has explained that it will look into offering investment opportunities to professional clients in emerging crypto markets.