Crypto Chronicle
  • Home
  • News
  • Uber co-founder to launch fee-free crypto trading

Uber co-founder to launch fee-free crypto trading

Cryptocurrency stock market graph on virtual screen

Of all the ways of making money in the cryptocurrency sector, running an exchange or trading platform appears to be the most reliably profitable. With two of the leading names, Binance and Coinbase, each taking in more than $1 billion in revenues this year, it’s no surprise that competitors are lining up for the chance to take a share of these enormous potential profits.

New startup Voyager plans to offer fee free trading in at least 15 different cryptocurrencies, going head to head with Robinhood, a stock-trading app which offers fee-free trading in five cryptocurrencies.

Voyager CEO Stephen Ehrlich told Fortune that his team had identified “an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions.” Voyager believes that even without fees it can still make a profit by, “beating the average price of the coins at the point in time we execute the trade.”

Voyager sit between ten cryptocurrency exchanges and three market makers, and believes that it will be able to offer better deals to its customers through price arbitrage than would be available at any single exchange. Using multiple routes to market should also ensure that Voyager customers have access to the deepest liquidity pools. As Ehrlich says, “sometimes you go to trade on a certain exchange, but there’s no liquidity there.”

Ehrlich was previously CEO of brokerage firm Lightspeed Financial and was the head of the professional wing of online broker E*Trade. His co-founders include Oscar Salazar, who also co-founder Uber and is Voyager’s main tech advisor. The firm is said to have raised “significant capital” from friends and family to launch the platform. A beta version is expected this week with a mobile app scheduled for launch in October. There is also a version in the works for institutional clients.

Though precisely which currencies will be available for trading has not been revealed, it seems likely that most of the major digital assets will be made available. Ehrlich told Fortune that, “if you see it being traded today by some of the most prominent players, we will definitely have those plus some.” Voyager is also considering offering XRP and Stellar Lumens, which are currently unavailable on mainstream American exchanges, provided storage issues can be ironed out.

Image From Shutterstock

Related posts

Wikipedia Co-founder Throws Support on Brave Browser (BAT), Citing Issues with Chrome Privacy

Mark Hartley

Blockchain Voting in West Virginia Midterms

Mark Hartley

Could You Solve The Latest Bitcoin Puzzle For a 1BTC Reward?

Mark Hartley

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.