Voyager Digital Ltd. is set to launch a product later this year that will allow clients to buy stocks using the stablecoin USDC, according to a report by BNN Bloomberg on Wednesday.
- Voyager’s new offering comes after a joint venture with Market Rebellion to work as a regulated broker-dealer that handles equity trades on behalf of Voyager’s clients.
- Stablecoins like USDC, which is operated by Circle are developed to closely monitor a traditional currency or other assets.
- The move by Voyager signals how fast-growing crypto exchanges are growing into new business lines to diversify their sources of revenue and keep customers on their platforms with additional offerings.
- Steve Ehrlich, chief executive officer and co-founder, stated that integrating stock trading, more so basing it on digital dollars, is a natural expansion of what they are doing.
FTX US and Bitstamp USA are also seeking to offer equities trading, but they are yet to announce any plans to allow stablecoins in the transactions. Such efforts will boost crypto companies’ rivalry with traditional brokerages. Voyager Digital Ltd. up +3.05%