Digital asset platform Voyager recently reopened withdrawals to its users, on June 23. Interestingly, the immediate aftermath of this move was an outflow of $250 million worth of crypto assets. This swift offboarding reduced the total assets on the platform to the present value of $176 million.
The remaining assets on the platform, excluding Voyager's native token VGX, form a clean asset ratio of 96.15%. This includes 2,287.4 Bitcoin (BTC); 27,363.7 Ethereum (ETH); 18,558,340 USD Coin (USDC) and a staggering 2,060 trillion Shiba Inu (SHIB) tokens. These figures provide a glimpse into the preferences of the platform's users and highlight the diversity of assets within the crypto sector.
Since reopening withdrawals to users on June 23, Voyager has seen a net outflow of $250 million worth of crypto assets. At present, there are 176 million USD worth of crypto assets on the platform, and the Clean Asset (excluding VGX) ratio is 96.15%, including 2,287.4 BTC,…— Wu Blockchain (@WuBlockchain) July 10, 2023
Despite a significant outflow of funds, the cryptocurrency market, renowned for its resilience, has not seen any noteworthy effects from these withdrawals. In the grand scheme of things, this could be seen as part of the larger trend of assets being moved off of centralized platforms, highlighting a growing trend in the crypto space of self-custody.
Indeed, self-custody, or the act of individuals taking direct control of their digital assets rather than relying on third-party financial institutions, has become a defining feature of the cryptocurrency movement. The ethos of "not your keys, not your coins" resonates deeply with many investors. Hence, the decision to withdraw funds from Voyager might reflect a broader preference among investors for maintaining direct control over their digital assets.
While the outflow may appear alarming at first glance, it should be remembered that it represents a fundamental aspect of the crypto agenda. For platforms like Voyager, balancing the ease of use that comes with being a custodial service with the growing trend toward self-custody presents an ongoing challenge.