Coinify Acquires Competing Bitcoin Payments Processor Coinzone
Coinify has acquired competing Europe-based payments processor Coinzone as part of an undisclosed deal announced today. With the move, the Denmark-based company has expanded its merchant base to an estimated 10,000 actively monthly customers, up from 8,000 before the acquisition. Further, it has grown its employee base to 17, with the addition of Coinzone's sales staff. Coinify CFO Christian Visti Larsen indicated that the purchase comes as his firm is seeking to shift its focus from acquiring individual merchants to payment service providers (PSPs). He explained Coinify is seeking to....
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Coinify works to spread the use of digital currencies. The company enables anyone to buy Bitcoin as an investment, or to buy or sell items and services from a rapidly growing list of stores worldwide. With experience in working with digital currencies since 2010, the Coinify team has a strong background with decades of experience in software, e-commerce, and compliance. The Denmark-based Company recently acquired its rival Dutch processor Coinzone in a bid to create a pan-European provider of bitcoin-to-fiat payment processing for online merchants and PSPs. The deal adds 2000 merchants to....
Bitcoin payments processor Coinify has been able to acquire is competition Coinzone, allowing it to expand its reach to the European market. Coinify is based in Denmark and has roughly 8,000 customers prior to the deal, which could bump it up to at least 10,000. According to Coinify CFO Visti Larsen, he purchase comes as his firm is seeking to shift its focus from acquiring individual merchants to payment service providers (PSPs). He shared that Coinfiy plans to replicate a model invoked by its US peer Bitnet by partnering with larger entities that provide bitcoin payments processing....
Swedish banking giant SEB Group and a Danish venture capital firm have invested $4m in Coinify, a digital currency payment processor based in Copenhagen. The Series A round included support from SEB as well as SEED Capital, an early-stage venture firm based in Denmark and an existing investor in the bitcoin startup. Launched in 2014, Coinify supports payments in 15 digital currencies. The startup said it plans to use the new funding to expand its payment and trade services from Europe into Asia, according to a statement. David Sonnek, SEB’s head of venture capital, said of the new....
Expanding in the Asian market is not an easy feat, although Coinify has been working on trying to achieve this goal. With a strategic partner in Asia, blockchain-based merchant processing solutions will be coming to consumers in that region. iPayDNA is a very dominant player in this region, and it will be interesting to see how this partnership will affect digital currency payments as a whole. An interesting development has been announced earlier today, as Coinify is working hard to expand their presence in the Asian region. Thanks to a partnership with iPayDNA, they can now offer....
"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem," said Voyager co-founder and CEO Stephen Ehrlich. Crypto-asset trading firm Voyager Digital has arranged to purchase payments company Coinify in a deal worth $85 million in cash and stock.In a Monday announcement, Voyager said it would issue 5.1 million shares of its stock — worth roughly $70 million at the time of publication — as well as provide $15 million in cash to Coinify investors. The company said it would retain $5.5....