Recently Voyager Digital Holdings Inc. has announced that it has developed a subsidiary named Voyager Institutional which is a new developed business line. According to Business Wire, it will be offering what it calls the good-in-class cryptocurrency exchange solution tailor-fit for institutional customers like brokerages, old buy-side companies hedge funds and other professional investors. The new firm is expected to begin its activities by the fourth quarter of 2018.
Voyager’s preparations for new clients
Voyager founder and also the co-founder of Uber, Stephen Ehrlich, revealed that the development of the new institutional-focused business line is their firm’s response to the expanding institutional demand. Apparently the company has been approached by various potential institutional customers that are eager to have a piece in the investment and trading of this new asset class.
Stephen Ehrlich explained that expanding their offering and leveraging their infrastructure for including the organizational society was all the time a plan of their long-term strategy. From the sheer based number of conversations since they announced their retail offering, it is pretty clear that there is a void in the industry and an immediate desire by organizations to participate in and offer their users access to this emerging asset class.
Glenn Barber new Voyager chief institutional officer
Voyager put Glenn Barber as the the institution’s chief institutional officer who will be given the new business task of cultivating relationships and brand awareness campaign throughout the institutional society. Glenn Barber is very well suited for this job, considering his exposure to institutional markets during his past stints as the managing director at both Barclays Investment Bank and Deutsche Bank Securities and as a vice president of the investment company Lehman Brothers.
It’s still not yet known when the market, which has fallen by approximately 70% since the year started will move out if this prolonged bearish field. However, the downturn has not fazed organization investors as interest to move into the cryptocurrency space remains high. In fact, different cryptocurrency companies have already started preparations for expanding competition in the segment such as Bittrex releasing an international division to better manage its businesses outside the US. Another example is Coinbase hiring Jeff Horowitz and placing him as the chief compliance officer and its fee decrease scheme to entice institutional customers.