All it takes sometimes is a big name to back one’s project. In the crypto world, this has certainly been true. Take, for instance, Elon Musk’s comments around Dogecoin (CCC:DOGE-USD) or Shiba Inu (CCC:SHIB-USD). The rapid rise of a given crypto project can really be influenced by these, well, influencers. Today, it’s Voyager Digital (OTCMKTS:VYGVF) and VYGVF stock that are in the crosshairs of investors.
This publicly traded crypto exchange is among a unique (some would say elite) group of companies individuals can invest in. As such, Voyager Digital has been a crypto investment many early stage investors have looked to for leverage in this space.
Today, VYGVF has appreciated more than 16% at the time of writing. Such moves are not out of the question for Voyager Digital. However, the overall trajectory with this stock of late has been rather bearish. Accordingly, investors may be intrigued to know what’s behind today’s move.
Let’s dive into what’s driving Voyager Digital higher today.
VYGVF Stock Soars on Move by Mark Cuban
Mark Cuban, famous for his role on Shark Tank, as well as being an owner of the Dallas Mavericks, made a big announcement today. Mr. Cuban’s Dallas Mavericks announced an exclusive, integrated partnership with Voyager Digital.
This deal provides for Voyager to become the team’s first crypto brokerage and international partner. As such, investors in Voyager Digital appeared to have lots to cheer.
Integration between the crypto world and outside companies is something that is only starting to take off. The fact that Voyager has been able to ink such an exclusive deal is bullish for this crypto exchange. Indeed, the race for market share in this nascent space is on. And investors seem to think Voyager has a real shot at winning a larger piece of this growing pie.
Undoubtedly, Mark Cuban’s forward-thinking tech focus is a key driver behind this partnership. He’s been a vocal supporter of the crypto space in the past. However, this deal cements Mr. Cuban’s commitment to seeing the crypto space move forward in a positive way.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.