Uber co-founder is set to release a no-fee cryptocurrency trading platform. The announcement was confirmed by Fortune.
Voyager is set to become the new alternative for cryptocurrency exchange services. As reported by Fortune, the platform is designed by the co-founder of Uber- Oscar Salazar in collaboration with Philip Eytan, an app’s major investor. Voyager CEO has been named Stephen Ehrlich, known for his project dubbed Lightspeed Financial and involvement in E*Trade platform activities.
“We saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions,” Voyager CEO Stephen Ehrlich told Fortune. Once Voyager does not charge trading fees, the platform’s revenue will be recorded “by beating the average price of the coins at the point in time we execute the trade.”
Does Voyager target to beat Robinhood App?
The platform targets to be ranked in the same category as its competitor Robinhood App, which aims to raise the standards of the crypto exchange market by eliminating transaction costs and even dethrone it.
The testing period to begin this week
The platform’s testing period is set to begin this week, while the services will be available in October. Besides cryptocurrency exchange services, Voyager will add crypto news, analysis, and several other tools.
Currently, Robinhood App leads the no-fee crypto exchange market after deciding to dethrone Californian company Coinbase. Even so, Ehrlich thinks Voyager has all the chances to live up to the standards of its main competitor and to progress in this field.
“We don’t think crypto has been adopted yet by the masses in the United States,” he stated. “I believe the market space itself is extremely large…We think the opportunity for both retail and institutional is vast, and we want to be part of that, and help the industry grow, and be good citizens to the industry, and help people get more knowledgeable in crypto assets.”