Voyager Digital Ltd is set to buy French crypto exchange LGO Markets

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Last Updated on 24 October 2020 by CryptoTips.eu

Voyager Digital Ltd has brokered a deal to purchase French crypto exchange LGO Markets. According to the report from Voyager the deal would provide the Canadian based crypto brokerage firm access to the European retail markets.

Voyager will be merging LGO into its existing ecosystem and this will extend to their tokens VGX and LGO merging. Furthermore, Voyager will be able receive the Virtual Asset Service Provider License issued by the French financial regulatory body.

Upon purchase by Voyager, LGO will cease operations on October 31 with all customers routed to the Voyager platform. It is understood that the deal is still subjected to regulatory approval although most of the paperwork has been completed.

Voyager also revealed that it would be issuing one million shares after the purchase with the value determined by the valuation of the company after the deal is completed.

Also the merger of the tokens will also give rise to a new token that will have decentralized functions. The token will be used for staking and yield farming with its value yet to be defined.

Speaking on the deal Hugo Renauding, the CEO of Voyager believes that this is a great deal for the European crypto community.

European clients will be able to access the Voyager app using the LGO regulatory setup in Europe, and both LGO and VGX tokens will be merged into a new token.

He further added that the new token that will be created will have more utility for holders globally.

This deal is a huge one for Voyager as it takes over the LGO platform that is one of the top crypto exchanges for institutions. It will also be leveraging on the existing customer base of LGO as it looks to expand in Europe.

Since the announcement of the deal the Voyager token rose by 9% and currently sits at a market value of $36.9 million.

Voyager Digital Ltd is one of the Publicly Traded Companies which invested in Bitcoin. They bought 1,239 BTC when the Bitcoin price was $ 6,398.05.