By Lucas Williams
“As the current developments encourage cryptocurrency payments adoptions, the acquirement of Coinify brings a global payment infrastructure to Voyager’s digital asset ecosystem.”
Voyager co-founder and CEO, Stephen Ehrlich announced that his company has acquired Coinify, a crypto payments company. Cryptocurrency trade exchange Voyager Digital has paid $85million in cash to acquire Coinify payment company. This has been the biggest venture in the history of Voyager. It is expected that this purchase will give Voyager an unparalleled boost.
Voyager on Monday announced that it would offer 5.1 million shares — valued at $70 million during public offerings. It will also provide $15 million in cash to Coinify investors. The primary reason behind this purchase is to expand Voyager’s global digital capabilities. Ehrlich also said that the current venture would give Voyager a competitive edge over its competitors.
Voyager is a public listed company since 2019. Voyager is mainly operating in Canada. However, Coinify is available in whole Europe, Asia, North America, and South America. This strategic mover will integrate the capacities of both Voyager and Coinify. Voyagers will now have access to Canada, the USA, Europe, Asia, North America, and South America.
Voyager emerged on the Crypto platform in January and its digital token price surged significantly. The company announced multiple mergers and ventures. At the time of this writing, the Voyager token VQX is priced at $2.49. The price has risen 3% since the announcement of the Coinify acquisition. However, the importance of Coinify has mounted after this acquisition. Countries worldwide have adopted cryptocurrency payment. It has improved the significant Coinify.
“As the acceptance of digital currency payments earns pace, the purchase of Coinify digital payments brings a worldwide payments framework to Voyager’s digital resource environment,” said Voyager fellow benefactor and CEO Stephen Ehrlich. Voyager in the future will launch its crypto tokens in a region like Europe, North America, South America, and Asia.
Under this deal, Coinify provided Voyager with a route to enter the crypto payment industry. Voyager will also have $5.5 million of cash on Coinify’s balance sheet. However, Voyager has not shared information regarding Nasdaq listings. Voyager’s CEO said that the company is working on it. Soon it would be enlisted on the Nasdaq stock exchange as well. He also said that the current acquisition is a win-win situation for both companies.
Coinify has strengthened Voyager’s plans of global expansion. The current acquisition is a huge success for Voyager. In the first quarter of 20201, Voyager’s customer strength grew by 1,400%. Now Coinify by their side, Voyager’s 1.8 million customers would be using the Coinify payment method to make payments from their accounts. However, Coinify will use the money to develop and secure its payment method.