TL;DR Breakdown
- Voyager acquires Crypto payment platform Coinify
- Voyager acquiring Coinify to expand to international market
Denmark-based crypto payment platform, Coinify has been acquired by crypto brokerage firm, Voyager in an $84m acquisition. The takeover by Voyager was part of its plan to begin offering worldwide digital asset payment.
Coinify is a popular player in the digital currency payments sector. Its systems allow merchants to accept digital currency payments while receiving the payout in fiat currencies.
Aside from digital currency payments for merchants, Coinify also allows users to invoice their clients and receive payments in either digital or fiat currencies.
After acquiring the crypto platform, Voyager would be able to accelerate its expansion in Europe to meet market demand and offer its products to the international market.
Why Voyager acquired crypto payment platform, Coinify
Voyager’s takeover of the crypto payment platform comes after the broker decided to expand its 1.75 million user base by bringing a global payment infrastructure to its digital ecosystem. Per an announcement the firm made, the takeover deal is in two divisions; stock and cash.
Investors of the crypto firm would get 5.1 million with Voyager shares worth around $69 million, while $15m is paid in cash. Of the 5,100,000 shares, 1,500,000 will be locked as part of the agreement, which can only be sold 30 days after both parties have closed the deal.
Over the next year, Voyager will work on integrating Coinify’s payments infrastructure into its system. The acquisition will also help Voyager expand beyond Europe to other regions as Coinify’s virtual payment platform operates in Asia, North America, and South America.
Voyager CEO and co-founder Stephen Ehrlich also said that the next step for the brokerage firm is crypto payments and providing crypto usage to its users and small to mid-size businesses as well. He notes that with the rise in crypto adoption, the brokerage firm should jump in on the trend and integrate a fast, innovative, and efficient platform.
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