Altcoin exchange MintPal is to be taken over by Moopay Ltd, operator of Moolah. The agreement between the two parties will be signed this week, and the transaction will close in August.
Like MintPal, Moolah is UK-based and offers crypto exchange services, which include coin-to-fiat trading. The site also says that it helps merchants accept several digital currencies for payments and have them converted to fiat.
With the deal, Moolah will separately focus on its coin-fiat trading business while designating MintPal as the destination for altcoin trading.
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While not mentioned explicitly, the recent hacking and theft of $2 million of Vericoin is likely to have been a factor. The vericoins were not stored offline, which made them easy pickings for the attacker. As part of the takeover, Moolah will be revamping MintPal’s security procedures and implementing both internal and external audits. Alex Green, CEO of Moopay Ltd, commented:
“We reached out to MintPal as we believed that we could restore confidence in the exchange by bringing our experience and expertises to the table. MintPal has a solid trading platform with a user interface that is second to none, and we intend to again make it one of the foremost altcoin trading platforms, with an increased focus on security and performance.”
Coincidentally, Moolah also recently added Vericoin for trading, about a week and half prior to the theft on MintPal.
With the takeover, MintPal and Moolah have announced several new initiatives. MintPal will soon provide 24/7 customer support. They also plan on launching a high performance “no frills” desktop trading application. Moolah plans on adding CAD, GBP, AUD and EUR to its existing USD-based trading.