Group Co.
Voyager Acquires Ethos Wallet, Self Custody & Crypto Services
Traders Magazine Online News, March 6, 2019
Voyager Digital (Canada) Ltd. (TSX.V: VYGR), (“Voyager” or the “Company”) announced that it is acquiring from Singapore-based Ethos.io PTE LTD (“Ethos”), a leading cryptocurrency service provider, certain of Ethos’s assets, including the Ethos Universal Wallet, Ethos Bedrock, certain blockchain technology and related intellectual property (collectively the “Ethos IP”), and an allocation of Ethos tokens.
The acquisition price for the assets is 7,000,000 common shares of Voyager. Of those shares:
(i) 2,666,667 will be held in escrow for 24 months against any future indemnity claims by the Company;
(ii) 1,000,008 shares (the “Services Escrow Shares”) will be held in a separate escrow pending the Ethos Investors remaining involved with Voyager (see below); and (iii) the balance of 3,333,325 shares will be delivered to Ethos.
In conjunction with the acquisition of the assets, up to nine existing Ethos personnel will join Voyager as employees, including the three founders of Ethos (the “Ethos Investors”). The Services Escrow Shares will be held in escrow and released on a monthly basis over 24 months provided the Ethos Investors continue to provide services to Voyager.
This acquisition introduces an engaged and captive client base to Voyager's mobile trading app, which offers best execution, commission-free trading across multiple exchanges and instant funding of accounts. Voyager will continue to develop and expand its fiat gateway, crypto deposits and withdrawals and custody solution utilizing Ethos Bedrock, a blockchain financial services platform. This will create a true all-in-one crypto solution, from funding an account, purchasing crypto with USD, high-performance trading of assets, and a robust self-custody solution for securely storing, sending & receiving those assets in one's personal control.
“Today’s traders expect ease of use with all related investing services packaged under one umbrella, on one platform, and at their fingertips. Ethos wallet and self-custody functionality combined with our best execution routing system provides our users with an unrivaled, end-to-end, and fully integrated crypto asset solution.”
“We’ll continue to use our public company currency to add additional strategic and accretive components of the crypto ecosystem onto our platform,” Ehrlich added.
As part of the integration, Ethos Founder & CEO, Shingo Lavine, will assume the role of Chief Innovation Officer at Voyager and join its Board upon closing of the transaction, anticipated by the end of March 2019.
Shingo Lavine said: “Operating under one unified banner allows us to expand upon our future enhancements for our combined clients globally, and we have put in motion a significant strategy to bring value to both Voyager shareholders and Ethos token holders. We are excited to be part of the innovative Voyager platform and continue enhancing the firm’s offerings through our blockchain technology prowess.”
The Company will also enter into a governance agreement with the Ethos Investors whereby, among other things, the Ethos Investors will have the right to nominate one director for appointment to the Voyager Board at each future AGM (provided the Ethos group collectively holds at least 3,500,000 shares of the Company).
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