Cryptocurrency broker Voyager Digital Ltd has acquired Coinify ApS, a crypto payment system, in a deal valued at about $84 million.
The integration of Coinify will accelerate Voyager’s expansion into Europe to meet the demands of the market and offer its products internationally.
This article was first published on August 7, 2021.
According to the announcement, the deal is divided into stock and cash. Coinify investors will receive 5.1 million Voyager shares worth around $69 million – the rest of the $15 million will be paid in cash. The deal comes after the broker decided to expand its 1.75 million user base by bringing a global payment infrastructure to its digital ecosystem.
“Coinify’s core values of innovation, security, and scalability are perfectly aligned with Voyager’s mission of making digital assets accessible throughout the world,” said Stephen Ehrlich, CEO and founder of Voyager.
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. Voyager will retain $5.5 million of cash on Coinify’s balance sheet.
Apart from reaching the European market, the acquisition should expand Voyager’s product offerings to other regions as well, the statement explained. Coinify’s virtual payment platform is also available in numerous countries in Asia, North America, and South America.
Furthermore, Coinify enables payment processing with bitcoin (BTC) and more than a dozen other digital assets, as well as transaction settlements in 20 fiat currencies.
Voyager stated that crypto payments are the next step for the company, providing crypto usage to its users and small to mid-size businesses as well. The company added that as crypto adoption takes off, it’s time for the broker to jump in on the trend and integrate a platform that is fast, innovative, and efficient.
“The combination positions Voyager as the go-to choice for businesses and individuals seeking an efficient transaction vehicle for a wide range of purchases globally.” Said Mark Hojgaard, CEO of Coinify.