Voyager Digital Snaps Up Crypto Payments Firm Coinify for US$84 Millionby Fintechnews Baltic August 3, 2021
Voyager Digital, a publicly-traded cryptocurrency platform in the United States, announced the acquisition of Denmark-based cryptocurrency payment platform Coinify.
According to CoinDesk, the deal valued at about US$84 million in stock and cash.
Under the terms of the share purchase agreement, the consideration to Coinify shareholders will consist of 5,100,000 of newly issued shares of Voyager Digital Ltd. common stock and US$15 million in cash.
As part of the agreement, the company will retain US$5.5 million of cash on the Coinify balance sheet.
Voyager will retain substantially all current Coinify employees, entering into employment agreements with key members of the management team.
The Coinify acquisition provides Voyager with an established and effective gateway to the crypto payment industry through its virtual currency payment platform available in Europe, Asia, North America, and South America.
Coinify’s global enterprise services include individual payment processing in 15 major cryptocurrencies and transaction settlement in 20 fiat currencies via their easy-to-integrate API.
The move will also expand Voyager’s capabilities into the payment space so that customers will soon be able to make payments directly from their digital asset accounts.
Additionally, the acquisition also fast-tracks Voyager into the business-to-business payment space.
“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.
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 Co-Founder of Voyager.
“We are excited to join the outstanding, innovative team at Voyager, and become part of Voyager’s market-leading offerings, brand, and community, and to rapidly grow merchants utilizing Coinify’s payment processing technology.
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.”
stated Mark Hojgaard, CEO and Co-founder of Coinify.
Featured image credit: Screengrab from Voyager