September 13th, 2022

Who owns the most voyager crypto? VGX tokens are also distributed among troubled platform’s customers

Voyager Digital has been making headlines ever since the crypto platform filed for Chapter 11 bankruptcy protection in July 2021. The company is engaged in ongoing court proceedings.

Here we take a look at the voyager (VGX) tokens circulating supply and analyse who owns the most VGX.

Voyager Digital: Origins & token history

Voyager Digital is a US-based cryptocurrency platform that was founded in 2017 by a team of finance and technology industry veterans, including the firm’s CEO Stephen Ehrlich, chairman Philip Eytan and Gaspard de Dreuzy, a serial entrepreneur.

In addition to being a crypto company, Voyager Digital is a publicly traded company listed on the Toronto Stock Exchange (TSX) since 2021 under the ticker VOYG.

As of September 2022, the company hosts over 100 different digital assets through its mobile application and allows clients to earn rewards of up to 12% annually on more than 40 cryptocurrencies.

The Voyager token (VGX) is the platform’s native cryptocurrency. It’s designed to reward customers for their loyalty. It was based on the Ethos Token. In 2019, Voyager acquired Ethos.io and incorporated the team, technology and native token into its ecosystem.

Until 2020, Voyager operated with a multi-token functionality. After 2020, the company integrated its native tokens into a new single token model known as VGX 2.0. Today, VGX maintains a presence on the Ethereum blockchain as an ERC20 cryptocurrency.

According to the project’s whitepaper, Voyager utilises the VGX 2.0 token to boost the platform’s adoption and functionality. Holding VGX allowed users to earn 7% staking rewards and raise their earnings by joining the Voyager Loyalty Program.

The VGX token was met with enthusiasm. The price rose to an all-time high of $11.02 just six months after the token launched in 2017. The bullish run was short-lived, and the price fell by 96.7% to $0.3678 by August 2018.

The next big jump took place between January and February 2021, when VGX surged 3,267% to $6.9023, from levels as low as $0.2. Around this time, the Uniswap (UNI) token became available on the Voyager platform.

On 22 November 2021, VGX surged to $5 amid a positive general crypto market sentiment, however, this was the token’s last peak as it embarked on a bearish run. But since its November high, the VGX has lost more than 75% of its value, sliding down to $0.9188.

Latest voyager crypto news

In July 2021 Voyager filed for Chapter 11 bankruptcy protection, as it was heavily affected by the global crypto crash. Since then, the company has been in and out of court proceedings.

As Voyager moves through the Chapter 11 bankruptcy process, latest filings revealed on 8 September that the company will auction off the remainder of its assets on 13 September. The results of the auction will become final during a court hearing approving them on 29 September.

In the latest voyager token news, potential buyers remained unnamed. However, bids previously made by the crypto trading platform FTX were made public. FTX said in a press release on 22 July that it would buy Voyager’s assets and loans at cash value and open accounts for Voyager customers on FTX. This proposal, however, was branded a “low-ball” bid by Voyager’s lawyers.

In a second-day hearing presentation on 4 August, the company stated that it had received “higher and better” buyout offers. As of 12 September, Voyager said that it was contacted by 88 potentially interested buyers and was in “active discussions” with 20.

Who owns the most Voyager crypto?

So, who owns the most Voyager crypto and how is the token distributed?

When Voyager decided to integrate its tokens (VGX and LGO (the native token of a company Voyager acquired) into one, VGX was exchanged for VGX 2.0 (now known as VGX) at a 1:1 rate. LGO’s exchange rate to VGX 2.0 was 6.5356340619:1.

The circulating supply of VGX tokens stood at 222 million. The circulating supply of LGO was over 33 million. Following the token swap, Voyager chose to mint a growth pool of tones on an annual basis to power Voyager Loyalty Program rewards, as well as fund promotional campaigns for new and existing customers.

Hence, 40 million new tokens were minted in the first year since the integration, 20 million will be minted in the second year and 10 million between the third and eight years.

According to data provided by CoinMarketCap, the total and circulating supply of VGX, as of 12 September, surpassed 278 million tokens. The maximum supply stood at 297 million.

Voyager also introduced a new initiative called the Voyager Loyalty Program, which Voyager customers can qualify for by maintaining a number of VGX tokens in their accounts. The programme has three tiers:

Adventurer – customers holding over 500 VGX
Explorer – customers holding over 5,000 VGX
Navigator – customers holding over 20,000 VGX

The more VGX customers stake, the higher they move up these tier categories and the more rewards they earn with each tier.

So, who owns the most Voyager crypto?

Over the last few months, VGX whales have gradually reduced their holdings. However, data revealed by etherscan.io showed that the top 100 VGX token holders, as of 12 September, collectively owned 97.62% of the total supply in circulation.

The website noted that the top account holding the most voyager tokens owned 93.9% of the circulating supply, which amounted to 208 million VGX tokens worth $191m, as of 12 September. According to the website, the account’s address is 0x933bb73de8fcfb74415fbc99561623c593bf3b61.

The second biggest VGX whale owned 1.9% of the total circulating supply, amounting to four million VGX tokens.

The third biggest VGX holder was an account under the address ‘Binance 8’ that held around 0.18% of the total circulating supply, amounting to around 395,757 tokens.

The fourth and fifth biggest voyager coin whales owned around 0.14% of the total circulating supply.

Final thoughts

While knowing who owns voyager crypto may be useful for the coin’s enthusiasts, it shouldn’t be used as a sole reason to trade. Nearly all of the maximum VGX supply is in circulation, as of the time of writing (12 September), which could lead to the possibility of greater volatility. Investors are warned to exercise caution.

According to Invezz’s analyst Crisous Nyaga, “uncertainty about the Voyager collapse and low volume trading could lead to market manipulation.

“The coin’s future is uncertain and it will depend on the outcome of the bankruptcy proceedings. If the firm moves completely out of business, there is a possibility that the VGX token will not survive. On the other hand, if it is acquired, there is a possibility that the coin will continue doing well.”

Anndy Lian, chief digital advisor at the Mongolian Productivity Organisation and the author of NFT: From Zero to Hero, told Capital.com that retail investors are buying VGX based on rumours that the company will be acquired by either Binance or FTX.

“I noted that the current investors are still working very hard promoting in different channels with the hope of making the VGX a more viable choice for new investors and perhaps drawing more attention so that the buyout can complete faster. These are positive signs from the community members who want the token to do well and resume their staking and cashback rewards,” he stressed.

Note that analysts’ predictions and opinions can be wrong. Always conduct your own due diligence before trading. And never invest or trade money you cannot afford to lose.

Source: https://capital.com/voyager-who-owns-most-vgx-crypto-tokens

Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com

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January 24th, 2022

Nearly 40% of Banks Will Offer Crypto Services to Customers in Future

In December 2021 the magazine for top banking executives American Banker published its banking forecast for 2022. The forecast is based on a survey of 175 top banking executives, including global, regional, and departmental executives from community financial institutions. American Banker magazine has a high reputation in the industry focusing on innovation, technology, and regulation.

The report ‘Flexibility, fear and fortitude: Finance faces the future’ by Lynnley Browning, finds only about 20% of banks in the world currently offer crypto asset consulting to their clients. However, beginning in 2022, it’s forecast that cryptocurrencies will play a larger role in traditional banking. In this 22-page survey report, nearly 40% of banking industry respondents from around the world stated that they may begin providing crypto-asset services to their retail customers in 2022. Approximately 10% of customers in the global banking industry currently manage their Bitcoin or other digital currencies in their bank accounts.

According to respondents, approximately 4% of all customers currently own some type of cryptocurrency. Sixty percent of respondents expect customer ownership of cryptocurrency to increase beginning in 2022, implying that cryptocurrency is gradually entering the mainstream, which is exciting news for the entire cryptocurrency market. Even though only 2% of banking executives polled said their institutions already accept cryptocurrency transactions, more people are preparing to make the historic leap in the banking industry.

Currently the report found that only two out of ten financial advisors, which the report concludes are “overwhelmingly older white men” currently provide support to their clients regarding crypto investing. “Just over one in ten manages Bitcoin or other digital currencies within client accounts. Still, while only 4% of clients of advisors surveyed are invested in crypto, six in ten advisors expect that to increase in 2022,” the report confirmed. Part of the change to providing a more crypto savvy service involves hiring a “more inclusive and representative workforce if they want to tap into their future customers. Waiting a decade to make those changes will impact the bottom line.”

The survey report also discovered that with the support of US legislators and regulators for cryptocurrency, approximately 66% of banking executives said that more policy work may stimulate competition in products such as stablecoins. BigONE believes that if these banks and financial institutions can further clarify the rules governing the management of digital assets in 2022, the existing regulatory landscape will be significantly altered.

Credit: American Banker

A connected issue is the impact on the crypto market as a result of the number of central banks researching or launching new central bank digital currencies (CBDCs) this year. “Some countries have embarked on digital currency projects as a bulwark against the proliferation of private cryptocurrencies such as Bitcoin. Others have set out to use CBDCs as a means of incentivizing blockchain-savvy investors and businesses to set up shop on their soil. This year will be a litmus test of which approach to CBDCs will prevail: force the use of a state digital currency at the expense of all others, or allow CBDCs to coexist among an ecosystem of other coins as a bridge between the monetary matters of state and those of the private sector,” observed a report in Forkast.

The crypto assets industry is thriving

Soon after the American Banker’s report was published, some banking institutions confirmed the good news and their involvement in the field of crypto assets. On December 30, 2021, the Swedish crypto-friendly bank Mecro Bank announced that a pilot project to launch digital asset custody services in the future is currently underway. According to the report, Mecro Bank intends to launch its own NFT collection as well as a virtual banking service experience in a metaverse-based virtual world. Mecro Bank believes that the metaverse is obviously a home for banking and financial transactions, as well as personal and business interaction. Effective financial and transaction management will be critical to make the metaverse environment as immersive and realistic as possible.

Sygnum, a Swiss digital asset bank, and trading platform, raised $90 million in a new round of financing valued at $800 million on January 6, 2022. Sun Hung Kai led the financing, with Animoca Brands and Meta Investments also participating. Sygnum, a Swiss digital asset bank, previously announced the launch of a series of DeFi token custody and transaction services, including Aave, Aragon, Curve, MKR, Synthetix, Uniswap, and 1inch Network. Sygnum has also expanded its USDC-related banking services.

Traditional financial institutions drive crypto regulatory policies

Many changes have occurred in the field of cryptocurrency regulation over the last year. As the pace of traditional financial institutions entering the field of crypto assets accelerates in 2022, it is certain that crypto regulatory policies will continue to improve. Crypto assets are unstoppable, and many countries and regions around the world are passing crypto regulatory legislation. Certain actions have been taken by the United States at the state and local levels. The mayor of Miami, for example, accepts Bitcoin wages, and miners use less expensive and cleaner energy. Will they, however, follow the lead of their South American ally, El Salvador, and treat Bitcoin and other tokens as legal tender? It will be interesting to see what happens.

The EU will continue to debate its proposed legislation, and if Switzerland’s cryptocurrency continues to heat up, the pace of legislation may pick up. As more institutions become interested in cryptocurrency, the European Union must implement crypto asset regulatory policies as soon as possible to avoid losing a significant share of the modern digital economy. Simultaneously, as the lines between financial and technology companies become increasingly blurred, reducing potential risks in the financial system will become increasingly important.

Also in Europe, the UK may see Brexit as a key opportunity to lead many EU countries, but based on previous evidence, regulators’ interest does not appear to have met expectations. The UK Treasury recently discussed the regulation of certain stablecoins, particularly those linked to the base currency or assets. As these talks progress, the UK may shift away from volatile cryptocurrencies and toward state-backed CBDCs, forever altering the UK-cryptocurrency relationship. Indeed, the UK is leading the way across Europe in preparing for the adoption of an interbank digital currency and is currently fifth in the world. However, a consumer offer remains some way off, according to a recent analysis by PwC from December 2020.

In short, the future development of the cryptocurrency market is still fraught with uncertainty, but there will be a more orderly market environment governed by regulations. This is an unquestionable industry consensus, and regulation will be more supportive of the cryptocurrency sector’s growth. “It’s right that mainstream banks take the needs of their customers crypto investing seriously, otherwise they’ll out to startups who are crypto-first. The interesting question is whether they’ll fight for greater choice for their customers in the face of CBDCs or fall in line with central bank policy and reduce consumer choice,” suggested BigONE Chairman Anndy Lian.

Original Source: https://www.securities.io/nearly-40-of-banks-will-offer-crypto-services-to-customers-in-future/