Shares of Voyager Digital (VOYG) jumped more than 8% in trading Monday after the company announced that it has integrated the Voyager token, VGX, into Coinify’s global crypto payment platform.
Voyager Digital provides a platform to trade crypto assets to retail and institutional investors. Coinify is a wholly owned subsidiary of Voyager, which provides payment services to merchants in over 150 countries. (See Insiders’ Hot Stocks on TipRanks)
Expanding VGX Functionality
Voyager acquired Coinify in August 2021, accelerating Voyager’s international expansion and its payment capabilities.
Voyager CEO and co-founder Stephen Ehrlich said, “The integration of VGX into Coinify’s crypto payment platform expands the functionality of the Voyager token well beyond the Voyager ecosystem.
“Our acquisition of Coinify earlier this year added a global crypto payments infrastructure to the Voyager ecosystem, and we will continue to implement additional ways to maximize this infrastructure to grow crypto adoption internationally.”
Coinify’s payment system enables businesses to accept cryptocurrency online and in retail stores. It is integrated through payment service providers with more than 30,000 merchants worldwide.
Wall Street’s Take
On November 1, H.C. Wainwright analyst Kevin Dede maintained a Buy rating on VOYG with a C$28 price target. This implies 22.6% upside potential.
The rest of the Street is bullish on Voyager with a Strong Buy rating based on four Buys. The average Voyager Digital price target of C$30.31 implies 32.7% upside potential to current levels.