Altcoin News: Broker Voyager Will Purchase a Crypto Wallet Ethos.Io for $4 Million

February 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Launched this month, a crypto-brokerage platform Voyager will acquire the developer of the wallet service Ethos.io for $4 million, writes CoinDesk.

Along with the purchase, Voyager will switch to a set of products developed by a Singaporean startup, including the Ethos Universal Wallet, the Ethos Bedrock blockchain platform, as well as “certain blockchain technology and IP”. In addition, Voyager will receive the allocation of Ethos tokens issued by a startup in July 2017 in the ICO process, when they managed to raise $1.6 million. Voyager will pay off the transaction with its own shares listed on the Canadian TSX Venture Exchange. It is expected that the necessary procedures will be completed at the end of March.

Ethos founder and CEO Shingo Lavin, in accordance with the terms of the deal, will become Voyager Director of Innovation and join the company’s board of directors. In addition, the former owners of Ethos will be entitled to nominate one person to the Voyager board of directors at each annual general meeting if they have at least 3.5 million shares. Voyager will transfer to Ethos 7 million of its shares, which are currently trading at $0.61 apiece.

Last October, Ethos provided a custodial solution for Voyager customers, and Ethos users were able to convert and store cryptocurrencies on the Voyager platform.

According to Steve Erlich, CEO of Voyager, an Ethos token designed to pay for various services in a startup wallet will become a valuable component of their business. In the future, it may be used to pay cashback for trading on the platform. Currently, the Ethos token is not represented on the Voyager platform due to regulatory hurdles, however, teams of two projects are working on this.

Voyager does not disclose information about the number of users that they were able to attract since launch in mid-February. Erlich, however, said that the combined user base would be measured by “hundreds of thousands” of customers.

Ethos Token is currently trading at $0.14, which is 2 times higher than the ICO price, but many times lower than the historical maximum recorded in January 2018 above $10.

Author: Marko Vidrih