US-based cryptocurrency platform Voyager Digital has acquired cryptocurrency payment processing firm Coinify, which has a footprint in over 150 countries.
Under the agreement, Coinify investors will receive 5.1 million Voyager shares as well as $15m in cash.
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By GlobalDataVoyager said that it will retain $5.5m of cash on Coinify’s balance sheet.
Coinify offers its virtual currency payment platform in Europe, Asia, North America, and South America.
The enterprise services offered by the firm include individual payment processing in 15 cryptocurrencies and transaction settlement in 20 fiat currencies.
Coinify’s platform is expected to provide Voyager with an ‘established’ gateway to the crypto payment space while accelerating its global expansion.
It will also help the firm to expand its capabilities into the payment space and allow its customers to make payments directly from their digital asset accounts.
In addition, the addition of Coinify is also said to fast-track Voyager into the business-to-business (B2B) payment market.
Voyager co-founder and CEO Stephen Ehrlich said: “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, whose user base increased over 1400% in the first six months of the year, is targeting payments capabilities for the next step in growth.
The company intends to offer payment options to its customer base, which includes small to midsize business owners.
It aims to capitalise on the evolving crypto payment usage with a range of products and services.
Voyager chief international officer Lewis Bateman said: “The acquisition of Coinify will greatly accelerate our expansion into Europe and help us meet the growing demand for our current product offering internationally.”
Last month, cryptocurrency firm Bullish announced its intent to debut on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation, a special purpose acquisition company.
