Something’s coming on the horizon for Crypto land and it’s not Binance’s decentralized exchange.
With criticisms of Coinbase based on their slow verification process as well as their apparent lack of customer service, it would seem that a competitor could quite simply take a piece of what was their $1 billion pie in the last year.
Voyager is an existing Blockchain business which plans to try to take advantage of this opportunity, by launching a mobile app at the end of this year that aims to be better than Coinbase.
Their professed differentiator will be the fact that they plan to have no fees, at all, across their entire app. By contrast, Coinbase charges various fees including per conversion from Crypto to fiat and back as well as for any transactions under $200.
One can reasonably extrapolate that this is their major source of revenue, which last year, ended up being $1 billion, as already mentioned above.
Because one of the biggest issues in the Blockchain space is that there are simply too many exchanges to choose from, Voyager also hopes to become the one stop shop for each crypto investor to manage his or her assets, across platforms.
With this in mind, it does seem that Voyager will be trying to be Coinbase as well as something like a bridge between existing exchanges, all at the same time.
If this is all true, then the idea that on top of this, Voyager plans to use a well-known technological framework called smart order routing, may truly help it to rise above the industry giants.
If you’re not yet entirely clear on what smart order routing is, it is reportedly a reliable way to increase the efficiency of buy and sell orders on a digital asset exchange or stock exchange, which of course, also applies to Crypto exchanges.
At this point, all that remains is for Voyager to be tested on the open market, which will not likely happen until the winter of this year, when it rolls out to five US states. Over time, it hopes to slowly growing towards offering its services in around 40 US states, overall.
Given that Coinbase reportedly has more users than Charles Schwab, which includes a 148% increase in their user base in one year, all of this will not be easy.
Any chance of success for Voyager will hinge on their ability to market themselves as something different and better than the known alternatives, while still maintaining their zero-fee model.
By: BGN Editorial Staff