Coinify, a Copenhagen-headquartered payment platform for cryptocurrencies, announced this Friday that it has acquired BetterCoins, a virtual currency broker. According to the statement, the company chose BetterCoins due to an “overlap in corporate values.”
BetterCoins is a fast-growing cryptocurrency broker that is also based in Denmark. It was founded by Mads Johan Eberhardt, an entrepreneur and an apparent evangelist for cryptocurrencies, the statement said.
With the acquisition being completed today, customers of BetterCoins will have access to Coinify’s support system and more competitive pricing.
Speaking on the acquisition, Romina Fonseca Allegretti, Coinify’s Head of Customer Onboarding and Support said: “We are happy to welcome users of BetterCoins to our service. We can guarantee that as our new customers, they will gain merit from our customer-focused service and lower fees.”
7 Pharma Stocks from EuropeFX You Need to Know for a Covid-19 VaccineGo to article >>
According to the CEO of Coinify, the acquisition is the result of challenges in the industry, which range from heavier regulatory requirements and lower market volume, as well as an alignment between the two companies’ values.
“We are seeing companies in the industry looking to find acquisition partners which are compliant with the coming regulation and in general, ones who have a financial services-regulated approach to their business. This is where Coinify has a sweet spot,” remarked Mark Højgaard, co-founder and CEO of Coinify
Adding to this, BetterCoins’ founder noted: “Coinify shares the same customer-centric values as BetterCoins, while at the same time having the scale and financial strength to be at the forefront of the regulatory tsunami with requirements flooding the blockchain payments industry Europe over these past few years.”
Coinify expands its European footprint with the acquisition
Coinify was founded in 2014. It uses cryptocurrency to facilitate international transfers of money between merchants and consumers. Parties can send cryptocurrency to a destination abroad, and that destination will receive the appropriate fiat currency within a few days.
The company also offers cryptocurrency trading, allowing customers to buy and sell cryptocurrency with credit card/bank transfer. It serves individual customers, physical shops and online businesses.