UK-based Bitcoin service provider SatSimple announced on Wednesday the acquisition of PolyX, an EU-regulated crypto exchange.
The acquisition was made before SatSimple’s upcoming launch of its services later this year. This, per the company, will expand its foothold in various crypto offering arena.
Commenting on the development, John Clifford, SatSimple’s head of communications, said: “PolyX’s technology platform, their unique risk based approach and regulatory status fits perfectly into SatSimple’s strategic build plan for delivering innovative and secure Bitcoin services to customers in the crypto asset space.”
“It is one of a number of acquisitions planned in the lead into SatSimple’s launch later in 2020. The mission of SatSimple is to provide the next generation of integrated Bitcoin services that are, less complex, more secure, and highly transparent.”
Neither company revealed the sum involved in the acquisition deal.
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Opening gates to the EU
Based in Estonia, PolyX launched its services in November 2018 despite the long bear in the crypto market. Apart from its centralized trading platform, it also offers a wallet platform for the storage of digital currencies.
The platform is regulated in the EU for the provision of crypto/fiat exchange services and for providing a virtual currency wallet service and offers services all around the continent.
“This acquisition recognizes PolyX’s success in developing a compelling and innovative technical platform. We are excited to be part of SatSimple’s vision and to join their seasoned and highly experienced team,” Stanislav Chernukhin, CEO of PolyX, added.
Mergers and acquisitions have become a very common business approach in the decade-old crypto industry. Many major players, including Binance, are constantly absorbing firms to expand their reach on the globe.
Meanwhile, in the UK, the Financial Conduct Authority (FCA) has mandated registration of crypto firms as it will supervise anti-money laundering and counter-terror financing.