Good day, and welcome to this Voyager Digital Fiscal Year Second Quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the prepared remarks, we will conduct a question-and-answer session. In order to ask a question or make a comment, please press star one on your touchtone phone keypad at any time. Questions will be taken in the order that they received. At this time, I'd like to turn the call over to Michael Legg, Chief Communications Officer at Voyager. Please go ahead, sir. Thank you, operator. I'd like to welcome everyone to Voyager Digital Limited's earnings call. Today, we will be discussing our fiscal year 2022 second quarter results, which we announced prior to the market open this morning. On the call today with me are Steve Ehrlich, our Chief Executive Officer, and Evan Psaropoulos, our Chief Financial Officer. I would like to take a moment to direct investors to the investor relations section of our website at investvoyager.com, where we have posted our investor presentation and upcoming event schedule. Before we get started, I want to remind everyone that certain statements discussed on this call are based on information as of today, February fifteenth, and may contain forward-looking statements which are subject to risks and uncertainties. Given our limited operating history, market volatility, and unprecedented industry growth, trends could materially deviate from today's levels. Actual results could differ materially from our forward-looking statements if any of our key assumptions discussed in today's earnings press release and the comments made during this conference call or in our latest reports and SEDAR filings, each of which can be found on our website, www.investvoyager.com, or under our profile at www.sedar.com, are incorrect. The company has made assumptions that no significant events occur outside of the company's normal course of business, and that current trends and adoption of crypto assets continue. Listeners are cautioned that assets on platform, revenues, and trading volumes fluctuate and may increase and decrease from time to time, and that such fluctuations are beyond the company's control. We do not undertake any duty to update any forward-looking statements except where required by law. Today's release also includes references to non-IFRS financial measures. You should refer to the information contained in the disclosures found in today's release, including definitional information and reconciliations of historical non-IFRS measures to the comparable IFRS financial measures. This call will touch on some guidance provided in our earnings press release issued today. I would encourage each of you to review the forward-looking statement, risk factor disclosure, and similar disclosures in today's press release. Please note the dollar amounts referenced are in US dollars, unless otherwise noted. With that, let me turn the call over to Steve Ehrlich, Voyager's Co-founder and CEO. Thank you, Mike, and good morning, everyone. I'm excited to report our best quarter ever, doubling our revenue from the previous quarter and highlighting Voyager's positioning and revenue opportunity in active markets. More importantly, during the quarter, we delivered significant revenue growth while scaling our systems to more seamlessly support a significant increase in customer activity, highlighting the steps we've taken to build out the scale and security of the Voyager platform in 2021 as we position Voyager for substantial product rollouts in calendar 2022. First, I wanna take a moment and focus on the notable accomplishments in calendar 2021 and then discuss our plan for 2022. We started the 2021 calendar year with an innovative platform embraced by early adopters, fueled by word of mouth from people seeking a trusted app for easily trading a large selection of altcoins. At the time, Voyager had 38 employees, 43,000 funded accounts, and approximately $230 million of assets on platform. We had the goal of becoming one of the leading crypto platforms in the United States. As the industry grew and Voyager was discovered by more crypto market participants, we raised the capital to scale our platform and fuel our growth. By the end of calendar 2021, we had 250 employees, 3.2 million verified users, and 1.074 million funded accounts with over $5.9 billion of assets on platform. This level of growth makes Voyager one of the fastest-growing cryptocurrency platforms in the industry and one of the largest in the United States. Based on data obtained from one of our investment banking partners, Voyager was third on the list of fastest-growing public companies listed on any U.S. exchange, including the OTC markets, based on revenue growth in calendar 2021, with $416 million of revenue, up from just $6.6 million for the calendar year 2020. To keep pace with our rapid growth, we spent 2021 scaling our system. From the initial influx of customers in January 2021, the decisions we made focused on scaling to handle the increases in volume. In the December quarter, we reached new heights of activity that tested the system. I am happy to report that we had no delays or outages. Our significant scaling in 2021 included notable growth of our engineering and product departments, positioning us to execute and deliver what we believe to be both innovative and customer-focused product enhancement and features for 2022. Before I review our business strategy for 2022, I would like to address the industry cycles we witnessed in 2021 and our viewpoints on industry growth going forward as mainstream adoption and blockchain efficiency proliferate in the coming years. The crypto industry is one in which there are tremendous ebbs and flows, but as revealed by our recent survey, 66% of Americans believe that crypto will be widely accepted and grow in value over the next five years. We are therefore excited about the future and fueled by investment in our marketing efforts, we will continue to grow Voyager as one of the major players in digital assets in the blockchain industry. We are investing heavily in revenue diversification as we look to reduce our reliance on trading volume. Voyager's goal is to build a business with multiple revenue streams through its current trading products, yield and staking products, payment and spending products, and future NFT and lending products. To accomplish our goals, we have organized our product and engineering teams into pods working on specific products and product enhancements. Focusing on product development, the expanded leadership team studied data to better align business goals with customer needs. We are a product delivery organization and have taken the necessary steps towards matching the needs of our customers with our product delivery goals. Transactional revenue is a key driver of the business. We recently added 10 new coins with crypto wallets for trading and crypto transfers, bringing our total up to 85 coins, of which we have 52 of them with crypto wallets. The large number of crypto wallets is significant, as while other notable players in the industry have no or very limited wallets, we allow our customers to hold their own assets and transfer them. We have plans to trade over 100 coins in the near future and add even more crypto wallets. Adding more wallets is a key area of development for us as the crypto ecosystem continues to grow. The ability to transfer these tokens, especially in the gaming space, is becoming necessary. When we add new coins, we tend to see an increase in customer engagement and an increase in trading. In addition to new coins and wallets, we are working on trading features and enhancements. Our near-term roadmap includes a desktop version of the app, a dark mode to the mobile app, stop orders, dynamic and tiered pricing, and swap functionality, with the expectation that desktop and dark mode will be rolled out in the March quarter. Voyager continues to focus on staking enhancements. We added additional custodians, which are necessary to expand the coins for staking. As the number of coins available for staking increases, staking revenue will continue to grow, and the expectation that it will become a larger and larger part of our overall revenue. On the lending side, the addition of Alameda Research, along with a few other borrowers, has increased our capacity and capabilities. Based on current market prices, we continue to target a minimum of $40 million in yield and staking revenue per quarter, and subject to the crypto markets, expect that to grow as we add more coins. We recently rolled out the debit card to a small group of employees for real-world testing. So far, the results are very exciting, and we expect to increase the number of users in the March quarter. The debit card is unique in nature by providing up to 9% annual rewards and is based on holding USDC, not fiat currency. The card has a bank routing number and an account number so individuals can direct deposit their paycheck and utilize it in place of a bank account. We also anticipate allowing consumers early access to their paycheck, similar to many of the neobanks. We have yet to fully execute our marketing plan for the debit card, but already have a waiting list of approximately 200,000 people. The product will also be connected to the Voyager Loyalty Program, which is also in the process of being expanded, and we envision adding broader consumer awards from popular merchants as well. The plan is for Voyager to earn revenue from the interchange and rewards from merchants. As we mentioned in the last earnings call, we received our fit and proper license from the AMF, the Autorité des Marchés Financiers in France. We are progressing in delivering a crypto solution to French citizens as well as other parts of Europe in 2022. As the AMF approved Voyager to deliver the product as it looks today in the U.S., we can bring the benefits of the Voyager platform to the European audience. There is a wait list for Europe already, and by utilizing the recently acquired Coinify and their KYC and money movement features, we intend to make an impact in the second half of 2022. In Canada, we are working closely with the Ontario Securities Commission to deliver the Voyager offering to Canadian residents as well. We will keep investors updated as we learn more from the OSC. Our partnership with Market Rebellion to build an equity broker-dealer is progressing nicely. Not only do we have FINRA approval, we have a signed clearing agreement. The clearing agreement is a necessary step in building the brokerage of the future as we leverage the clearing firm technology to deliver an equity trading offering. Voyager will earn revenue on this partnership by keeping a piece of the revenue from customer balances and transactions. We will structure this offering so consumers will access the trading of equities from their existing Voyager app and will utilize USDC as a base currency for trading. We believe these innovative features are advantageous and the delivery of the debit card is a key step forward for this product. The Coinify payment business is an area of focus as we recently hired enterprise sales veteran Tim Mund to lead our U.S. sales team. We believe that the payment business is a long-tail business, but we are growing that, growing the use of our rails and systems as these rails allow businesses and individuals to make payments within the Voyager ecosystem without any blockchain fees. Additionally, the payment system allows any payment service system or vendor to receive crypto as payments outside of the Voyager ecosystem, which has lower rates than the traditional system. Lastly, watching how the NFT business continues to grow, we hired a team to develop Voyager's NFT strategy. In line with our overall value proposition, Voyager plans to make it easier to access the NFT ecosystem by helping customers interact with, organize, and extract value from their NFT portfolio. Our goal is to simplify NFT participation today and in the future, regardless of how the culture and ecosystem evolves. We plan to design products that will enable consumers to react quickly to market changes and safely manage their portfolio. We will continue to focus on user growth as our primary marketing objective and to educate users about the benefits of digital assets and use cases where investors can participate in the wealth-building opportunities available on the Voyager platform. We are really excited about the launch of our latest campaign, Crypto for All, as it expands upon the growth we saw in the December quarter when we added the Dallas Mavericks, NCAA basketball, and the National Women's Soccer League to our NASCAR partnership with Landon Cassill in both the Cup and Xfinity Series. We continue to be the third highest-ranked pure crypto app in the Apple App Store and strive to gain traction versus the two larger companies ahead of us. We will continue to focus on differentiation and value creation through our existing and future marketing channels. We are striving to scale and improve customer support and continue to add personnel to the team. We have also focused on engineering teams on how to better support our customers and anticipate adding live chat to our existing chat by the end of the March quarter. One of Voyager's organizational objectives is maintaining transparency and accountability with customers, constituents, investors, and employees. To support this objective, Voyager will begin its first SOC 2 audit in June 2022 and will continue annually thereafter. The SOC 2 is a critical element to Voyager's continued achievement of best-in-class service and product offerings, as SOC 2 provides assurance that a mature, sustainable security program has been implemented, protecting all stakeholders' assets from unauthorized access. Additionally, completing a SOC 2 audit will differentiate Voyager from competitors by clearing a path to increased partnership opportunities and additional highly accredited organizations. Lastly, we want to address the recent news about the SEC order in the matter of BlockFi Lending LLC. We recognize that this is a significant development in the industry and will provide a potential regulatory path for market participants. We also understand that some may view Voyager's rewards program to be similar to BlockFi interest accounts. While we understand the temptation to bucket them together, we think there are important differences between Voyager's program and BlockFi's that we think have legal significance. That said, we are in ongoing discussions with regulators about the rewards program, and it is, of course, possible that regulators may have a different view. Under the circumstances, we think it's important to confirm that Voyager has received requests and subpoenas from the SEC and certain states in connection with the rewards program as part of non-public fact-finding inquiries. Of course, we believe that Voyager accounts that are in rewards comply with existing U.S. law and look forward to demonstrating that as necessary. We think it is normal and appropriate for financial service firms, especially in the crypto industry with its evolving regulatory framework, to receive inquiries from regulators and law enforcement. When Voyager receives such requests, our policy is to cooperate fully, but we limit public discussion, as these matters are always evolving, and as a public company, Voyager is subject to important rules regarding disclosures about its business. I wanna make it clear that Voyager strives for overall compliance and its team of legal and compliance professionals and outside advisors working hard to help us operate within the rules that they exist today. In closing, we continue to believe that we're in the early stages of crypto adoption, and there is significant opportunity for Voyager to grow users and revenue as we execute our game plan. We are a group of industry veterans who, having seen 20-plus years of market activity, understand the volatility that markets have. We think that leadership experience positions us to execute and build an industry leader. The crypto market will continue to have its ups and downs, and our revenue and volume will reflect those moments, but we take pride in creating the third-largest retail platform in the U.S. based on retail assets on platform and number of funded accounts. I am truly excited about where we are and where we are going. Voyager's business continues to grow every day, and the company is well-positioned to become a leading brand in the digital asset space. This truly is an exciting time in the industry. With that, I'll turn the call over to Evan to review the quarterly financial results in more detail. Thank you, Steve, and thank you all for joining us today. As a reminder, all figures discussed in today's call are in U.S. dollars under IFRS. I will speak to our fiscal 2022 second quarter ended December 31, 2021. As Steve highlighted, our second quarter was our strongest ever, as our business grew across almost all our key metrics, including volume, customer accounts, net deposits, and all distinct revenue lines. As volume and funded accounts grew, so did our assets on platform, increasing from $4.4 billion in the September quarter to $5.9 billion at the end of the December quarter, with approximately $1 billion in net new deposits making up the majority of the $1.4 billion increase. Total revenue for the quarter was $164.8 million, including approximately $86.5 million in transaction revenue and approximately $57 million in lending and staking activities. As I discussed on our last call, revenue from lending and staking activities was a priority for us and exceeded the target of $50 million we previously provided. Despite some of the rates decreasing overall, we were able to surpass our expectations with an overall increase in assets available to earn yield on due to our increased net deposits, as well as an increase in our staking activities as we are now earning staking revenue across 11 coins. Looking at some of our unit economics, average revenue per user was particularly strong at $57 for the December quarter. While our increase to approximately $160 for the quarter, we believe the payback period continues to be very compelling at just under three months. On expenses, we continue to invest heavily in marketing, as evidenced by our higher customer acquisition costs. Marketing expenses more than doubled from approximately $17 million in the September quarter to more than $35 million. More than $17 million in the September quarter to more than $35 million in the December quarter. We continue to invest more heavily in our digital advertising spend as a top 50 app, and also established several long-term sponsorship programs such as the Dallas Mavericks and the National Women's Soccer League. Additionally, our rewards program continues to be a driving factor of success, and while the overall cost has increased, we have actively managed this cost against our lending and staking activities with a future focus on turning this to a profitable business line. On an adjusted EBITDA basis, we reported $17.4 million for the quarter, a margin of approximately 10.5%. Again, as previously discussed, we are comfortable with this current level of profitability as we look to prioritize accelerating growth in funded accounts and deposits. The beginning of 2022 has led to lower market volumes, although we have recently seen a slight uptick in volume. The diversification of our revenue is leading us to believe that even in times of lower market activity and lower crypto prices, our minimum quarterly revenue will exceed $100 million. The increased revenue diversification strategy and product roadmap will only increase the minimum floor, as will increase volumes and market prices. This concludes our prepared remarks. With that, I will now turn it over to our operator who will open the line for questions. At this time, if you would like to ask a question, please press star one on your touchtone phone. We'll take our first question from Chris Allen with Compass Point. Please go ahead. Your line is open. Good morning, everyone. Thanks for taking my questions. Maybe you could just start off just on the rewards paid to customers. You noted that lending and staking revenues have been increasing, some positive trends there, and looking to close that gap. Maybe any color in terms of the timeframe in terms of when you can close that gap and turn that profitable, and whether there's further opportunities to build out staking from here moving forward? Yeah. Thanks for the question, Chris, and thanks for joining us this morning. We don't have a timeframe on it. It's part of an ongoing effort to increase the staking. There are certain coins. I'll take Avalanche for one, and we have a deep partnership with Avalanche that we're building to their nodes and working with our custodians to make sure that we can stake. Hopefully we finish that sooner rather than later, and that'll be a substantial increase in revenue for us on that too. It's just a matter of as we keep increasing the custodians we have and working with them on the nodes, increasing it. There's no set timeframe, but we believe in 2022 at some point. Got it. Maybe just some additional color on the current environment. It's helpful that you provide the minimum revenue base moving forward, expectations around that. Account growth obviously was very strong in the December quarter and conversion to funded accounts seemed pretty solid. How have account growth trends been so far in 2022 and what's a bit of a more challenging backdrop? Have you seen consistency in converting verified accounts to funded accounts in the current environment? We have seen, you know, consistent account growth in the quarter. We will continue to see that as the marketing and it is becoming a little bit more challenging. I think market volumes are lower in the quarter, as Evan noted. You know, we're still seeing those accounts open. We believe that with the debit card coming, we will increase the conversion ratio from verified users to funded as well. There's a lot of interest in people using digital assets and USDC and the way we've structured the debit card. You know, continued account growth we think will increase that percentage between funded and verified. Continue to grow the business even in a market that's a little bit challenging. All right. Thanks, guys. I'll get back in the queue. We'll take our next question from Adhir Kadve with Eight Capital. Please go ahead. Good morning, guys. Thanks for taking my questions here. Just in terms of the debit card program, I know you said you rolled it out to a select few employees, and then there's a chance to grow it past that. You know, from those select few employees, maybe can you talk about some of the learnings from that? I think, you know, the reason I ask is because I think Visa reported that they saw, you know, $2.5 billion in transaction volumes with crypto-linked cards. Clearly very strong demand for that type of product. I was wondering if you can just touch on, you know, what you've learned from these employees and what enhancements you're gonna make prior to the broader rollout. Yeah. The early adoption, and I was one of them, and you know, we did a Twitter social posting on that and got a tremendous amount of views. It shows the excitement that we have for it. You know, it's all about what we're working on on the back end of it, like make sure everything goes through, everything flows through, the proper reporting is necessary, canceling things. Those are all the testing we're going through with all the employees. Everything seems to be going great. As that continues to be tested, we'll continue to roll it out to that 200,000 group. It'll just take you know, some time to do that. We're not gonna be foolish and roll 200,000 out in a week. You know, we're gonna do that over time, to make sure that we could support those customers as they come on. Specific learnings I'm not gonna disclose, but I'll tell you the back end of what we're working on has been very, very good, better than anticipated. Perfect. Thank you. Just maybe from, you know, a user characteristics point of view, the new users that you are getting on the platform, do you see that they've kind of changed from six months ago? Are they depositing more on the platform? You know, bringing in more funds from other platform? Any color you can provide on maybe the cohort of these new users versus past users? Yeah. I'll tell you this, that, you know, I've always said this, the first 500,000 users won't equal and won't look like the next 500,000, which won't look like the next 500,000. We're getting continued deposits from existing customers, and they always start small. They always come in, and they put a little bit in. Remember, our initial funding limit for every customer is only $10,000. When they get comfortable, they see they can use their money right away, they can get it out, you know, they start increasing more. It's a longer timeframe here that we expect is that people will start coming in with a couple 1,000 then keep building on top of that. That's what we're seeing, is continued deposits from consumers over time. We, you know, it's just a trend. I think people wanna get comfortable, especially when you're getting some new people into crypto. They wanna make sure that they can access the funds, and then they'll add more. Perfect. Then maybe just one last one from me, and then I'll pass the line. I saw that you guys, you know, you appointed a new Head of Corporate Development. Can you maybe tell us do you think you'll be more active on M&A or, continue to be active on M&A, and maybe in what capacity? Yeah. We hired Marshall Jensen as our Head of Corporate Development. We see a lot of things cross our desk. A lot of bankers bring us a lot of opportunities. We're also out in the market scanning projects, products that might fit what we're trying to do, those that have significant customers. We believe we'll be more active. We've gotta find the right fit, from number of customers, from culture of that company, growth and what opportunities. There's a lot of things we can look at, and we're gonna continue to look at. When we find the right fit, we'll acquire it. That said, we've been pretty active. In four years, I think we've done four acquisitions. That's pretty good for a really young company. We fill gaps, right? I mean, I think when, you know, with the acquisitions we have done, whether it was the Ethos acquisition and we got all our IP that allows us to do the crypto transfers to the latest being Coinify, where now we have payment rails that are helping us accelerate the European expansion. We're gonna find things that fit us and fit us from a cultural perspective. Thanks Adhir for joining us this morning. Oh, thank you, guys. Appreciate all the color. I'll pass the line. We'll take our next question from George Sutton with Craig-Hallum. Please go ahead. Your line is open. Thank you. I was just wondering if you could discuss your willingness to let the CAC grow over time, relative to payback periods. I say that obviously in the context of larger competitors out there. I'm wondering how this might change with a broadened portfolio, including the debit card? Well, thanks, George. Thanks again for joining us today. Look, I think CAC will grow over time here, especially to what you referred to in the competitive landscape. You know, it is getting more competitive, so you'll see it grow, and the timeframe will probably expand for us too, and we're fine with that. We think it will definitely grow. The other thing just to add to that, George, is as we deliver more products and add to it, our average revenue per user should expand too, so the payback will work in that favor as well. Yeah. That's part of the strategy on the debit card to your question. On the debit card, bringing that will bring more assets that consumers will hold with us. We're seeing a lot of people already saying they're gonna eliminate their bank and come use Voyager as their bank. That's one product. The equity trading, the credit products we're gonna add, the NFT products, will all expand your ARPU, and therefore allow us to get more value out of each customer. Bring them more value actually, even more importantly. It's not just us getting the value out of it's bringing the value back to the consumer where they look to us as the one app they wanna go to handle their financial world through digital currencies and digital assets. Just one other thing. You had mentioned earlier that you were pursuing the NFT opportunity. You've given us a little bit of detail. I just wondered if we could get a state of the state relative to your NFT opportunity as you see it? Yeah. We've hired a team, strategy and development resources, and building it out. You know, similar to the way we execute our business for trading in that we connect to multiple places, we believe that there are so many marketplaces out there, consumers wanna be able to access them all. How we deliver that entire environment to them is what we believe is the future of NFTs. It's not just one marketplace. We're looking at a solution that encompasses a larger scale, all off the Voyager platform. Super. Well, your results were good enough this morning to get the whole crypto market going this morning, so congratulations. Oh, thank you, George. Appreciate it. We'll take the next question from Joe Gomes with Noble Capital. Please go ahead. Your line is open. Good morning. Thanks for taking my questions. Thanks, Joe. I don't know if I missed this. Did you mention what the spread was this morning? Hi, Joe. Thanks for joining us. It's Evan here. No, we didn't touch on it, but I'm happy to update you on it. I'll give it to you in two ways. Average spread without stablecoins affected in our volume was 110 basis points, similar to what we reported in Q1. If you remember, we don't take a fee on stablecoins. If I include stablecoins in that calculation, the spread was 90 basis points compared to 82 in the prior quarter. Thanks for that. Steve, I wonder if you might be able to touch. You know, you had the great Dallas Mavericks program last quarter. Maybe give us a little color on what kind of tailwind is that showing. I mean, was it one and done or are we still seeing interest from that program moving over into Voyager or even adding more accounts? Yeah. We're seeing a tail on that, as we continue to do more things and with them as well, and we have some other programs that are coming out shortly related to that as well. What also gets us really excited at this point in time is the NWSL season starts, kicks off in about a month. The fan base and what we're doing there and some of the partners that we're doing that sponsorship with will give us, you know, another opportunity to reach more consumers with our whole mantra of Crypto for All and bringing the crypto products and digital assets to a wider group of customers. That gets us really excited as well. We're seeing the tail on Dallas, and then in about a month, the NWSL kicks off and we're excited about that too. Great. Then one more, if I may. You know, it's been a tough market in terms of the stock price. Do you have any plans for, you know, maybe looking at accelerating stock buyback? I know you're investing heavily in the company, but just seeing as to where you know, the stock price is these days? I prefer not to comment on what we're gonna plan on the stock buyback at this point in time. We have our program. It's been filed, as you know, and it's out there and you know, if we believe it's the right time to buy stock back, we will. The program's out there for us to execute when we feel it's the right time. Great. I'll pass the line. Thanks, guys. Appreciate it. We'll take our next question from Kevin Dede with H.C. Wainwright. Please go ahead. Hi, Steve. Kevin Dede. Could you just peel the onion back a little bit on your digital marketing initiative? I know you've got a new person on board and have had for a while. Can you just talk a little bit about where you're taking that and some of the results you've seen, aside from an increased CAC? Yeah. Thanks for joining us, Kevin. I appreciate it. Look, I think Pam Kramer is still our CMO, and she's running our programs. I believe even though the CAC has increased, we've been quite effective in what we've been doing, and the payback has been effective. We did bring in a person to run our partnership marketing. I'm not gonna give her name because she'll get 1,000 emails from every NFL and Major League Baseball and NHL and et cetera, reaching out to her along with everything else. You know, we're expanding our marketing reach. Digital has been effective. We're looking at other opportunities. To the previous question, you know, CAC will probably expand a bit here. As we bring more products on it, we're gonna get the return back on the customers as well. It's about expanding it. We've been extremely effective in the digital channels and looking at other opportunities where we don't think others are, and to spend and be active in those places. Just to make sure I understand you had your prep comments straight, Steve. You thought or you mentioned that you think you'll open in Europe sometime this year, this calendar year? Yeah. We're opening. You're opening a license in France. Yeah, we're opening in Europe sometime in 2022. We're working hard with the Coinify folks in getting it up and running there. Don't wanna set a timetable on it, but it's definitely in 2022 is our target. Great. All right, thanks. I appreciate taking my questions. Thanks, Kevin. We'll take our next question from Christopher Sakai with Singular Research. Please go ahead. Hi, good morning. Just a question on, I guess, cost per account acquisition and the payback period on that. How has that been this quarter? Yes. Thanks, Chris. We reportedly had customer acquisition costs at about $160 per month on average for the quarter, and average revenue per user around $57. So less than three months payback period. Okay, great. I know Steve mentioned a bunch about marketing programs. Can you shed any light on any new ones like Dallas Mavericks going forward? Nothing I could report right now. Obviously, there's conversations going on across various sports teams, individuals, et cetera, but nothing I'm free to report on right now. Okay. Last one for me, I mean, was for Dallas Mavericks, was it a worthwhile program? Yeah. It's been very successful for us. As you know, the previous question about the long tail on it, we're still getting accounts off of that. There's a lot of promotional things we do with the Mavs. Most recently, I was down there and speaking to a group of sponsors of the Texas Legends and partners of the G League team there. There's a whole bunch of things going on that we continue to get a tail on the Mavs. Okay. All right. Great. Thanks. Thanks, Chris. Once again as a reminder, to ask a question today, that is star and one, and we'll take our next question from Kyle Voigt with KBW. Please go ahead. Hey, good morning. Sorry, I joined a little bit late, so I might have missed this, but I just wanted to follow up regarding the commentary on BlockFi. In the full report that was released from the SEC yesterday, it does lay out a structure for BlockFi to offer a yield product in the U.S. I guess I'm just wondering if you actually view that development as a positive for the space, despite the fine that was levied on them. I just wanna clarify, you know, do you think you'd have to go down a similar path as BlockFi in terms of filing an S-1 with the SEC? Do you believe that the current structure you have sufficiently would protect you from having to go down that path? Yeah. Thanks for taking the time, Kyle. I appreciate it. Look, I think, we've been saying this for a while, that we believe thoughtful regulation is important for the growth of the industry. I think by reading the order, there is, you know, a path to regulation. That gets us, you know, looking at that and examining it. As we've always said, there will be a path to regulation in crypto, and this is probably one of the first steps. How it relates to us is being evaluated, and I can't really share anything more because that's, you know, that's conversations between myself, our internal GC, our advisors, and we have a very deep team and, you know, we're evaluating all that at this point in time. Got it. That's helpful. Just on Europe, you know, as we get closer to the launch there at some point, you know, in this calendar year, just wondering if you could give any more, you know, details regarding what you're thinking in terms of, you know, launching in specific countries there. Obviously, there's France that will launch, but just curious if we should think about more of a staggered launch across Europe, and kinda how that will play out. You know, should we expect most countries to be up and running across Europe by this calendar year, or will that be staggered into 2023? Thank you. Yeah. It's definitely a staggered approach. It's the same thing as bringing the debit card to market. We wouldn't want to bring 20 countries on at one time. We want to do it really structured and staggered to make sure we get the learnings and just grow from there. Obviously, France is a very high priority for us having the license there. We already have an existing business in Denmark, so you know, two countries that we're excited about right off the get-go. We will stagger it to make sure that we do it properly and give the customers. It, again, always comes back to the customers with us. How are we gonna give them the best experience in using Voyager? We wanna make sure we do that right for them right from the get-go. It's helpful. Thanks, Steve. Thank you, Kyle. We'll take our next question from Mark Palmer with BTIG. Please go ahead. Yes, good morning. Just wanted to follow up on some of the comments you made earlier with regard to the staking program, and thanks for the color on Avalanche in particular. What percentage of Voyager's rewards program is currently being funded out of staking versus lending? And how do you see those percentages shifting over time? Thank you. Yeah, thanks Mark. Thanks for taking the time this morning. I think on the face of our financials on the P&L, we talk about what the staking revenue is versus the lending revenue. Our goal is to stake more and more. You know, let's take ETH for an example. We just started staking ETH, and we're gonna continue to move that out of lending and into staking. Then you add Avalanche and some of the other coins we're working on. Our goal is to really get it top-heavy on the staking side more so than the lending side. Thanks very much. Thanks, Mark. There are no further questions at this time. I'll turn the call back over to Mr. Steve Ehrlich for any additional remarks. I just wanna say thanks to everyone who joined the call today, who's gonna listen to the replay on it. We really appreciate your interest in Voyager. We're extremely excited about our product path for 2022. There's a lot on our plate, but we know with the team we have and the growth and the additions we've made to our leadership team and our entire staff, we're excited about executing on that plan. We think we're an execution-based company, and we're gonna continue to grow our business. Thank you again for taking the time. Exciting time to be in crypto. I look forward to speaking to everyone soon. Thank you, and this does conclude today's program. Thank you for your participation. You may disconnect at any time.