Leading crypto platform, Coinify becomes a new arm of crypto trading platform, Voyager following a recent acquisition. The acquisition was done via a deal of $85 million, comprising stocks and cash payments. While announcing the acquisition, Voyager Digital noted that it will distribute 5.1 million shares estimated to be $70 million, while providing investors with $15 million in cash.
Voyager Digital is looking at making a foray into the digital payments sector. The New York-based crypto platform offers trading services to millions of users across different regions. However, Voyager Digital has its eyes on integrating Coinify’s digital payments system into its platform. As such, this will allow users to withdraw their funds and make transborder payments as well. The proposed system will only facilitate stablecoin (USDC) withdrawals and payments.
While commenting on the acquisition, Voyager Digital’s CEO, Stephen Erlich noted that the acquisition brings more exposure to the firm’s services, even as cryptocurrency payments are becoming mainstream.
Coinify operates in more than 150 countries and allows merchants to receive payments in flagship cryptocurrency, Bitcoin and other cryptocurrencies. The crypto payments platform also endorses over 20 fiat currencies of countries in different continents such as Europe, South America.
Coinify’s Acquisition to Open New Chapter for Voyager Digital
What Voyager Digital aims to do, according to CEO Erlich, is to eradicate the need for intermediaries on Peer-to-Peer transactions. Erlich believes that digital payments via crypto is the next in-thing after trading and investing. He also declared that the USDC stablecoin will be a core feature for the new payments system.
PayPal Leading The Digital Payment Sector
For the digital payments innovation, global payment service provider PayPal is a pioneer as it set the ball rolling with a decision to integrate crypto payments in October 2020. Since then, PayPal has been broadening its crypto landscape with innovations and emerging technologies.
Recently, it announced the impending launch of a crypto trading app known as the Super App. The crypto application will only be available to its US and UK customers. PayPal has returned to Ireland after shutting down offices in the country back in April. In view of this, it has hired new crypto and blockchain experts to assist with operations in Ireland.
In what would have been a boost for the online crypto payment sector and the crypto industry, reports emerged that Amazon was ready to embrace Bitcoin payments in late July. However, Amazon refuted the claims. Notwithstanding, both sectors are primed for more growth in the future. Meanwhile, the Lightning network, a layer two scaling solution, recently integrated into the Bitcoin blockchain will enable payments made via the crypto asset faster and cheaper.