Digital Currency Broker Voyager Digital acquires the popular crypto payment system Coinify, in its latest expansion effort.
Today, Voyager Digital announced their $85 million acquisition of Coinify. This move means a major diversification of the company’s holdings and revenue streams. Coinify has a user base in over 150 countries.
Voyager Digital is one of the most rapidly growing and publicly traded cryptocurrency platforms in the U.S. In the same vein as Robinhood, the Voyager platform already boasts of the ability to interact with over 60 cryptocurrencies and allows users to trade and invest digital assets. The platform is also one of note to offer interest on BTC.
The addition of Coinify means a more widespread reach of Voyager’s capabilities. Particularly within the payment arena, this acquisition means Voyager users can now make payments straight from their holdings accounts. It also means the digital asset broker is one step closer to business payments.
Coinify offers payment possibilities in 15 cryptocurrencies and the ability to settle transactions in at least 20 fiat currencies through Coinify API.
Stephen Ehrlich, CEO and Co-Founder of Voyager pointed out the shared values of Coinify. “Innovation, security and scalability,” are three values which will help push wider adoption of digital assets. Ehrlich also commented on what this new addition means for their growing user base:
“As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager’s digital asset ecosystem and will give our rapidly growing customer base of over 1.75 million users a fast, easy, and secure way to make payments from their Voyager accounts.”
Despite bumpy beginning, 2021 brings growth
The beginning of the year saw a small glitch in Voyager’s ascent. Back in January the entire Voyager system went dark, leaving users anxious for a period of time. However, the broker cited the reason being an influx in user applications.
The rest of the year followed suit – though not in app crashes. According to the company, their user base grew over 1400% within the first half of 2021. Adding Coinify into the mix means more opportunities for existing customers, which heavily consists of small to midsize business owners.
Included in those affected by the merger are Coinify shareholders, who will make up 5,100,000 of recently issued shares of Voyager Digital Ltd. stock.