Voyager Token
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in Voyager Token from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Voyager Token.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.