The digital-asset broker Voyager Digital, listed on the Canadian stock exchange, announced the merger of its European operations with the regulated French cryptocurrency exchange LGO.
According to the press release, Voyager will gain direct control over the trading platform, enabling the New York-based company to accelerate its plans to expand into the European market.
“For some time, Voyager had been planning its expansion into Europe, and when the opportunity arose to work with Hugo Reno [CEO of LGO] and his team, we decided that this was the right path to broaden our global footprint,” said Voyager’s co-founder and CEO Steve Ehrlich.
As part of the merger, the two parties will consolidate their utility tokens VGX and LGO. They will be swapped for a new coin issued by Voyager. The company intends to give it DeFi functions, including community governance, staking at 7% per annum and other options. The token swap is planned to take place by the end of 2020.
Additionally, before year-end, the parties expect to receive regulatory approval to close the deal. The deal’s value was not disclosed.
Upon closing the deal, Voyager will issue approximately 1 million shares to LGO’s shareholders.
Earlier, the U.S. company acquired an investment app from the payments startup Circle.
In July, Voyager reported a record preliminary earnings for the current fiscal year of $1.1 million, 13 times higher than in the prior period.
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