Blockfinex Acquiring Nigeria Crypto Fluidcoins at an Acquihire Buyout Deal
The Nigerian-based crypto exchange Fluidcoins concluded the acquisition deal with the Seychelles crypto firm Blockfinex. The acquisition deal was penned on February 16 after Fluidcoins failed to generate sufficient income to meet the company expenses.
Blockfinex has disclosed plans to launch the Blockpay system to improve the speed and security of the payment transaction.
Blockfinex Acquires Fluidcoins
The prolonged ripple effect caused by the collapse of the Bahamian crypto exchange FTX necessitated Fluidcoins to pursue bailout funds 18 months ago. The crypto exchange generated $150000 from the funding round, which was considered insufficient for the firm to remain afloat.
The need for Fluidcoins to meet the company cost challenged the firm to announce a buyout plan.
The Fluidcoins decision came when Blockfinex was planning to invest in crypto wallets to improve payment transactions across the globe. Blockfinex leveraged its financial position to acquire a 100% stake in the bankrupt crypto firm at an undisclosed sales plan.
A subsequent report shared by Techcabal on February 16 revealed that Blockfinex plans to invest in the Fluidcoins platform to improve digital payment processing method.
Blockfinex Reveal Improving Payment System
On February 16, Blockfinex chief executive Danny Oyekan reaffirmed that the acquisition inspired the crypto firm to take action in launching its new product Blockpay. The Blockpay platform provides the user with distinctive features for fast payment.
The Blockpay system has integrated payment processors with an application programming interface that will operate the service provider of the platform. Oyekan revealed that the Blockpay system would continue to provide Fluidcoins users in the Accrue, GetEquity and The Peer categories with payment services.
Beyond this, Oyekan has confirmed to launch additional crypto assets, including leading digital assets Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) on the payment platform.
In his remarks, Oyekan confirmed investing in improving the Fluidcoin services to serve customers and retailers in the digital banking sector including payment providers across the globe.
In the meantime, the acquisition agreement has allowed Fluidcoins management to continue with operations. Fluidcoins chief executive Lanre Adenewo said the Blockfinex acquisition was on an acquihire basis.
Adenewo announced that the deal has minimal impact on Fluidcoins operations and is set to integrate with the company’s Fluidshops and Flips payment systems.
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