Voyager Token

Purpose and Utility

Voyager Token (VGX) was the native token of the Voyager Digital cryptocurrency platform, designed to provide rewards and benefits to users trading on their platform. The token offered cashback rewards, interest boosters, and other privileges within the Voyager ecosystem.

Current Status

As of 2023, Voyager Digital has filed for bankruptcy and ceased operations. The platform collapsed in July 2022 following the crypto market downturn and exposure to Three Arrows Capital. The company's assets were acquired by Binance.US in a bankruptcy auction.

Business Model Assessment

The original business model involved providing trading services and rewards through their token. While the trading aspects aligned with Islamic principles, their interest-bearing products and lending services would be considered non-compliant with Shariah principles.

Platform Activity

The platform is no longer operational, and the token has effectively lost its utility. Trading continues on some exchanges, but without the original platform's functionality.

Token Distribution

Historical token distribution showed significant holdings by the company and early investors. The bankruptcy proceedings have significantly impacted token distribution and value.