the fastest-growing digital asset broker
TRANSCRIPT
The Fastest-Growing Digital Asset Broker
May 2021
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Purchasing securities of the Company should be considered a riskyinvestment as the securities are speculative in nature and are appropriateonly for investors who are prepared to have their money invested for a longperiod of time and have the capacity to absorb a loss of some or all of theirinvestment. No reliance may be placed for any purpose whatsoever on theinformation or opinions contained in this Presentation or on itscompleteness, accuracy or fairness. Readers should not treat the contentsof this Presentation as advice relating to legal, taxation or investmentmatters, and must make their own assessments concerning these andother consequences of the various investments, including the merits ofinvesting and the risks. Readers are advised to consult their own personallegal, tax and accounting advisors and to conduct their own due diligenceand agree to be bound by the limitations of this disclaimer. The securitiesof the Company referred to herein have not been and will not be registeredunder the U.S. Securities Act of 1933 (the “Securities Act”), as amended,and may only be offered, and this presentation may only be made, topersons within the United States that are “qualified institutional buyers”within the meaning of Rule 144A under the Securities Act. The Companydoes not have a class of securities registered with the Securities andExchange Commission (the “SEC”). The Company prepares its disclosure inaccordance with the requirements of applicable securities laws in effect inCanada, which differ significantly from the requirements of U.S. securitieslaws.
The information contained in this presentation (“Presentation”) is beingoffered by Voyager Digital (Canada) Ltd. (the “Company”) for informationpurposes only. This Presentation is not for release, distribution orpublication into or in the United States or any other jurisdiction whereapplicable laws prohibit its release, distribution or publication. ThisPresentation is not a prospectus, offering memorandum, advertisement, orsolicitation and does not constitute or form part of, and should not beconstrued as, an offer or invitation to sell or any solicitation of any offer topurchase or subscribe for any securities of the Company in Canada, theUnited States or any other jurisdiction. Neither this Presentation, nor anypart of it nor anything contained or referred to in it, nor the fact of itsdistribution, should form the basis of or be relied on in connection with oract as an inducement in relation to a decision to purchase or subscribe foror enter into any contract or make any other commitment whatsoever inrelation to any securities of the Company. No representation or warranty,expressed or implied, is given by or on behalf of the Company, its directorsand affiliates or any other person as to the accuracy or completeness of theinformation or opinions contained in this Presentation; and no liabilitywhatsoever is accepted by the Company, its directors and affiliates or anyother person for any loss howsoever arising, directly or indirectly, from anyuse of such information or opinions or otherwise arising in connectiontherewith. No investment advice is offered or deemed to be offered underthe Presentation, and any prospective investor should consult with his ownlegal, investment, accounting and tax advisors for determination of, amongother things, suitability of investing in securities of the Company.
2
LEGAL DISCLAIMER
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Certain statements contained in this presentation constitute “forward-looking information” or “forward-looking statements” (collectively,“forward-looking statements”) within the meaning of applicableCanadian and United States securities laws relating to, withoutlimitation, expectations, intentions, plans and beliefs, includinginformation as to the future events, results of operations and theCompany’s future performance (both operational and financial) andbusiness prospects. In certain cases, forward-looking statements canbe identified by the use of words such as “expects”, “estimates”,“forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”,“projects” or variations of such words and phrases, or state that certainactions, events or results “may” or “will” be taken, occur or be achieved.Such forward-looking statements reflect the Company’s beliefs,estimates and opinions regarding its future growth, results ofoperations, future performance (both operational and financial), andbusiness prospects and opportunities at the time such statements aremade, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions orcircumstances should change. Forward-looking statements arenecessarily based upon a number of estimates and assumptions madeby the Company that are inherently subject to significant business,economic, competitive, political and social risks, uncertainties andcontingencies. Forward-looking statements are not guarantees offuture performance. By their nature, forward-looking statements involvenumerous current assumptions, known and unknown risks
uncertainties and other factors which may cause the actual results,performance or achievements of the Company to differ materially fromthose anticipated by the Company and described in the forward-lookingstatements. With respect to the forward-looking statements contained inthis presentation, assumptions have been made regarding, among otherthings: current and future prices of cryptocurrencies; future globaleconomic and financial conditions; trading volumes; the accuracy andveracity of information and projections sourced from third partiesrespecting, among other things, future industry conditions and demand forcryptocurrencies; and, where applicable, each of those assumptions setforth in the footnotes provided herein in respect of particular forward-looking statements. Although the Company has attempted to identifyimportant factors that could cause actual actions, events or results to differmaterially from those described in its forward-looking statements, theremay be other factors that cause actions, events or results not to be asanticipated, estimated or intended. There can be no assurance that forward-looking statements will materialize or prove to be accurate, as actualresults and future events could differ materially from those anticipated insuch statements. The forward-looking statements contained in thispresentation are expressly qualified by this cautionary statement. Readersshould not place undue reliance on forward-looking statements. Thesestatements speak only as of the date of this presentation. Except as may berequired by law, the Company expressly disclaims any intention orobligation to revise or update any forward-looking statements orinformation whether as a result of new information, future events orotherwise.
3
FORWARD-LOOKING STATEMENTS
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Easy to use Mobile and Desktop
Earn interest up to 10% APR
50+ crypto assets & stablecoins
Interest on over 20 coins
Faster execution & deeper liquidity
4
1
2
3
4
5
The Voyager Difference
Community 6
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 5
Investment Highlights
Massive Market OpportunityOpportunities across crypto, banking, brokerage, and general consumer services
Scalable InfrastructureUnique and scalable business model propelling full funnel technology and operations infrastructure
Attractive Business ModelMultiple revenue streams, Powerful Unit Economics
Trusted & TransparentManagement Team, Public Company, Exchange Connectivity, Regulated Oversight
1
2
3
4
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Global Investable Assets (1)
$120T
Gold Market Cap
7
$9T
$1.7TCrypto Markets
SOURCES: Boston Consulting Group, “Global Wealth 2019 Reigniting Radical Growth”, Deloitte, “ 2020 Banking & Capital Markets Outlook” (1) Includes equity, bonds, investment funds, currency and deposits, and other smaller asset classes
Gold Market Cap
Global Investable Assets
Massive Market Opportunity
Crypto Markets
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Digital assets unlock a massive market opportunity.
● Instant & 24/7 accessibility
● Universal borderless currency
● Diversified against traditional store of value
● Declining confidence in government currencies
● Expensive and slow traditional systems
● Lack of trust in the banks
TRADITIONAL FINANCIAL SYSTEMS ARE RIPE FOR DISRUPTION
8
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 9
$14M+Per Day
NET DEPOSITS
1.0–1.5xPer Month
(Engaged Customer Base platform turnover)
PRINCIPAL VALUE TRADED
$40Per Account
ACCOUNT ACQUISITION
35%Month over Month
USER GROWTH
$100Per Account
MONTHLY REVENUE
Key Metrics
AVERAGE SPREAD REVENUE
90Basis Points Per Trade
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 10
Where we are today
55+Digital Assets
CANADAFiled with Ontario
Securities Commission
$3.3B+Assets Under Management
U.S.Regulated & Operating
20+Interest-bearing Assets
EUROPELGO regulated entity acquired
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 11
Voyager Timeline
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
EthosAcquisition
Publicly Listed
DesktopLaunch
iOSLaunch
CircleAcquisition
AndroidLaunch
$1.7B AUM
LGOAcquisition
$150MMAUM
2018
OperationsBegin
USDC Interest Launch
Interest Launch
Q4/20 Q1/21 Q2/21
$3.3B AUM
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 13
MULTIPLE ENTRY POINTS FOR DIVERSE USER BASE AND REVENUE STREAMS
BTCINVESTORS
ALTCOINSEEKERS
YIELD SEEKERS
COST-CONSCIOUSINVESTORS
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Interest Offering aids AUM Accumulation and Trading
14
Interest Offering
Alt Coins
Major Coins
Land and Expand Illustrative Customer Journey
Compelling Interest Rates Attracts New Customer
Deposits
Stickiness of Interest Offering Creates Trading Opportunities
Customers diversify across other Crypto offerings
Time
Profit
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 15
>660x
CUSTOMER ASSETS
Net deposits and asset growth accelerated dramatically after we started offering interest – increasing customer stickiness.
$3.3B+ in assets in March 2021
$5M in assets in December 2019
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
OUR BUSINESS MODEL
An interconnected acquisition experience.
16
Utilize scalable paid search, paid social, programmatic, and other top
tier paid platforms targeted at consumer search intent.
Paid Advertising Efforts
Promotions & SponsorshipsKey media buys and sponsorships in
combination with consumer and community promotions
Content MarketingJumpstart consistent acquisition through emails, push notifications, video, blogs, podcasts, and other organic acquisition efforts.
Social Media & CommunityFacilitate consistent user acquisition through mobilization and activation of our current community.
Affiliate & Influencer RelationshipsIdentify and foster key affiliate and
influencer relationships to activate and nurture key audience demographics.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 17
COINS INTEREST-BEARING ASSETS
COMMISSION-FREE
UNAFFILIATED EXCHANGE ROUTING
PUBLICLY TRADED
58 20+
Coinbase 45
Kraken 50
Gemini 47 18
Binance US 48
Blockfi 8 8
Robinhood 7
PayPal 4
Cash App 1
Unparalleled Competitive Differentiation.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 18
Future Growth Opportunities – Where We Are Going
CREDITCARD
NEW ASSET
LISTINGSEQUITIESDESKTOP M&A
MARGINTRADITIONAL
BANKINGPRODUCTS
INTER-NATIONALDEBIT CARD
SELF-CUSTODY WALLET
B2B PARTNER-
SHIPS
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 20
API Mobile Application Web Application
Market Data & Pricing Order Management Systems
Smart Order Routing & Custody
Secure and Unified Wallet & User Account
Data Science, Marketing & Automation Platform
Regulatory Compliance Platform
The Voyager You See
The Voyager You Don’t
See
State of the art infrastructure behind the scenes.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
INNOVATIVE TECH
Bringing deeper liquidity, broader market accessand effective trading to the digital asset market.
Custody & Security
Voyager utilizes multiple custody solutions putting together the right blend
of security and availability, including through its own
self-custody solution.
Asset Selection
Voyager gives clients unmatched access to the market, allowing to trade more than 50 coins and earn interest on its
wide inventory of digital assets.
Liquidity & Execution
Powered by our Smart Order Router, Voyager offers competitive prices and
faster, more reliable execution through a network of exchanges, OTC desks and
market makers.
21
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Trusted and Transparent.
Independent Brokerage Model
Independent brokerage model vs traditional crypto exchanges. Customer-
first focus.
Secure Technology
SOC 1 & SOC 2 certifications in progress to ensure “security,
confidentiality, information privacy, processing integrity and availability.”
23
Public Company
Voyager is a publicly traded and regulated company with audited
financial statements.
Trusted, Well-Known PartnersExperienced Team
Voyager partners with best-in-class technology and infrastructure partners to
ensure a top-notch experience.
A world class team with over 100+ combined years of industry management experience.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
OUR TRUSTED PARTNERS
24
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 25
PHILIP EYTANCo-founder & Chairman
Former Morgan Stanley and Cerberus Capital
STEVE EHRLICHCo-founder & CEO
Former VP Brokerage at E*TRADE and CEO at Lightspeed Financial
OSCAR SALAZARCo-founder & Advisor
Former architect and founding CTO at Uber
GASPARD DE DREUZYCo-founder
Co-founder of fintechs Kapitall and Trade.it
Made in NYCOur Founders
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 26
Executive TeamOur team of seasoned finance and technology experts.
GERARD HANSHECOO
JANICE BARRILLEAUXCompliance
LEWIS BATEMANInternational Business Dev.
EVAN PSAROPOULOSCFO
DAN COSTANTINO
Head of Communications
PAM KRAMERInterim CMO
MIKE LEGG
Chief Information Security OfficerDAVID BROSGOLGeneral Counsel
ETRADE
Digital Asset Custody Company, Robeco/WPG
ETRADE
Coinsquare PwC, Credit Suisse Alex. Brown, Jefferies
ETRADE Penn Medicine, US Marines
STEVE EHRLICHCo-founder & CEO
ETRADE’
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Catalysts to Growth.
27
● Focused and Continued Execution
● Product Expansion – Increased Coins / Margin / Advisory Products / Debit Cards / Credit Cards
● International Expansion
● Mass Consumer Acceptance
● Regulation – Creates Consumer Confidence
● Increased Public Comps / Investor Acceptance
● Consolidation
© 2020 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
V Y G R
C A N A D I A N S E C U R I T I E S E X C H A N G E
Voyager Digital Assets33 Irving Place, 3rd Floor
New York, NY 10003. USA.