Voyager Acquires Crypto Payment Firm Coinify
- The acquisition will enable Voyager to expand to global markets and enter into the payment space.
- Coinify shareholders will receive 5.1 million newly issued shares of Voyager and $15 million in cash as part of the agreement.
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In a press release published on 2 August, Voyager announced it has acquired Coinfy, a cryptocurrency payment processing platform, enabling it to expand to global markets and enter into the payment space. The acquisition will allow Voyager customers to make payments directly from their digital asset accounts.
Under the terms of the share purchase agreement, Coinify shareholders will receive 5.1 million newly issued shares of Voyager Digital common stock and $15 million in cash. As part of the agreement, Voyager will retain $5.5 million of cash on the Coinify balance sheet and all current Coinify employees.
Voyager said that payments will be the next big step in its growth, given the fact its user base grew over 1,400% in the first half of 2021. The company plans to provide payment options to its customers, many of which are small to midsize business owners.
Acquiring Coinify will enable the company to provide an established and effective gateway to the crypto payments industry. 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 Coinify API.
- The U.S. Bankruptcy Court in New York has given Voyager the green light to return $270 million in cash, locked up at the Metropolitan Commercial Bank, to its customers.
- An attorney for Voyager claimed the company had received a number of “higher and better” offers than the one from Alameda and FTX, which was one of the lowest received so far.
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- The Federal Reserve and FDIC have issued a joint letter demanding the crypto lender remove “false and misleading” statements that it was FDIC-insured.
- The two regulators alleged that this claim “likely misled and were relied upon by customers who placed their funds with Voyager “.
- Autorité des marchés financiers and Autorité de contrôle prudentiel et de résolution have agree that Voyager is “fit and proper” to operate in Europe.
- Voyager expects to launch its trading app in Europe in Q1 2022, and facilitate the trading of 60 digital assets.