Voyager Digital Raises $60M in Private Placement at a Price of $2.34 P

Voyager Digital, a cryptocurrency platform, has raised $60 million in a private placement at a price of $2.34 p. The offering was led by Voyager Digital Ltd., with the participation of Galaxy Digital, Blockdaemon and Digital Currency Group.

Voyager Digital's cash flow will exceed $175 million when the offering completes in full, and with the addition of $50 million in crypto assets, it will have more than $225 million in available liquidity. The new funds will be used for general corporate purposes, said the platform.

Voyager Digital recently released its report for the third quarter of fiscal 2022, ended March 31, 2022, showing a good momentum. Its revenue totaled $102.7 million for the quarter, a 70% incline compared to last year's figure. Verified users on the platform totaled 3.5 million, up 9% from 3.2 million a year ago. And the funded accounts increased 11% YoY and reached 1.19 million. However, the platform's operation was negative with $43 million loss. Considering the lower trading volumes seen across the industry, Steve Ehrlich, CEO and Co-founder of Voyager, still showed great confidence in the company.    

Over the past year, Voyager Digital's senior positions have undergone several adjustments aimed at improving the professionalism and efficiency of management decisions. In May last year, Voyager Digital appointed two financial experts, Glenn Stevens and Jennifer Ackart, to join the board. Last December, Brian Brook, former Acting Comptroller of the Office of the Comptroller of the Currency and J.D.holder, joined the company's Board of Directors. Earlier this year, the company named Tim Mund, a experienced leadership in fintech and communications firms, as Head Of US Payment Sales.

In conjunction with its business growth efforts, Voyager Digital has been accused for several times recently. In December last year, it received a complaint focused on allegations that the company charged hidden fees and made false promises to platform users. And this month, attorneys have made fresh allegations in a class action lawsuit, claiming the cryptocurrency company sold unregistered securities in the form of interest-earning crypto accounts. Voyager spokesmen denied the allegations and argued for proper legal channels. As of the news issued, the allegations have not yet appeared new progress.