Crypto Trading Platform Voyager Digital Acquires Crypto Payments Company Coinify for $85M
Annie Li Aug 03, 2021 08:05
American cryptocurrency trading platform Voyager Digital announced on Monday to complete the acquisition of Coinify-a secure online platform that offers an easy way to buy and sell virtual currencies.
American cryptocurrency trading platform Voyager Digital announced, Monday, August 2, the acquisition of Coinify-a secure online platform that offers an easy way to buy and sell virtual currencies.
The acquisition will be carried out in the form of a share purchase. Voyager Digital will issue 5.1 million Voyager shares and $15 million in cash for Coinify investors.
This time, it aims to integrate Coinify's global service system in the payment field to pay directly from their digital asset accounts quickly, enter the business-to-business payment field, and accelerate Voyager's international expansion.
Under the stock code "VYGVF", Voyager Digital was trading at $13.74, and 5.1 million Voyager shares are valued at approximately $70 million at the time of release. Voyager will retain $5.5 million in cash on Coinify's balance sheet and almost all existing Coinify employees.
The CEO and Co-Founder of Voyager, Stephen Ehrlich, said that:
"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem and will give our rapidly growing customer base of over 1.75 million users a fast, easy, and secure way to make payments from their Voyager accounts."
Voyager said that due to the development of the high-growth user base—an increase of more than 1400% in the first half of this year, providing customers with payment options is an indispensable condition for the company's next development.
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