Voyager Digital acquires Coinify to expand payment capabilities
Voyager's Chief International Officer believes the acquisition will accelerate the company’s international expansion
Crypto asset platform Voyager Digital announced yesterday that it had acquired cryptocurrency payment platform Coinify in order to broaden its capabilities in the payments and business-to-business payments sectors.
Founded by Wall Street and Silicon Valley entrepreneurs, Voyager provides custody solutions and competitive pricing through smart order routing to facilitate trading and investment in crypto assets for both retail and institutional clients.
The number of platform users increased by more than 1,400% in the first half of 2021 and includes many small to medium-sized business owners. The acquisition will help Voyager provide its customers with payment options.
Voyager CEO, Stephen Ehrlich, explained, “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.”
Coinify has been around since 2014 and its API enables payments in 15 major cryptocurrencies to be processed, as well as transaction settlement in 20 fiat currencies. Voyager's Chief International Officer believes that the acquisition will help accelerate the company’s expansion into Europe and internationally.
CEO of Coinify, Mark Hojgaard, added, “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.”
The agreement will see 5.1 million new shares of Voyager Digital Ltd common stock issued to Coinify shareholders, with $15 million in cash also being part of the consideration.
The price of Voyager's utility token VGX surged following the announcement and is up 23% in the last 24 hours.
The post Voyager Digital acquires Coinify to expand payment capabilities appeared first on Coin Journal.
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Alice Leetham, @KhareemSudlow