Voyager (CSE:VYGR), a crypto brokerage firm that provides retail and institutional investors with trading solutions, announced Wednesday that it will be rebranding the recently acquired Ethos (ETHOS) to the Voyager Token (VGX).
We are excited to announce that the Ethos Token will be rebranded to the Voyager Token (VGX), a dynamic utility token powering our full-service crypto broker. VGX will let customers save fees, get cash back rewards, earn interest, and more.
Read more: https://t.co/HfT5d24pE8
— Voyager (@investvoyager) October 2, 2019
According to the announcement, ETHOS will be automatically swapped 1:1 with VGX, without any changes to the smart contract or total supply. Voyager recommends that investors hold their ETHOS in either the Ethos Universal Wallet or Voyager app to take full advantage of the swap. VGX will serve as a utility token for the crypto brokerage and its upcoming investment products, providing users with a variety of benefits.
“Voyager is growing fast, with plans to expand our business internationally by the end of the year and launch an Android app in October,” states Voyager CEO Steve Ehrlich. “We’re also working to offer many other crypto products including but not limited to interest-bearing accounts, crypto loans, margin accounts, the ability to short cryptocurrencies, and recurring deposits. The token will be integral to these products.”
As we previously reported, Voyager acquired Ethos.io, the blockchain startup behind ETHOS and the Universal Wallet, for $4 million. Prior to that, Ethos and Voyager had initiated a partnership in the fall of 2018 to mutually advance technology development for both platforms.
The Voyager Token is an interesting addition to the growing ecosystem of exchange-type tokens. Given Voyager’s mobile-first approach, VGX will be the first of these tokens without a desktop trading platform. Time will tell whether competing platforms, including Coinbase and Abra, will follow suit.
Given the 1:1 conversion with ETHOS, VGX will have a market cap of only $13.7 million, making it one of the cheaper tokens on the market.
Investors interested in joining Voyager can support SludgeFeed by using this link (use code: SLUDGE25).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.