Cryptocurrency-asset trading firm Voyager Digital acquires crypto payment company Coinify in a deal valued about $84 million in stock and cash.
Voyager Digital acquires Coinify in an attempt to accelerate its international expansion and bolster its capabilities in the payment space.
Coinify was already established in over 150 countries in Europe, Asia, and the Americas. Lewis Bateman, Voyager’s Chief International Officer, said, “The acquisition of Coinify will greatly accelerate our expansion into Europe and help us meet the growing demand for our current product offering internationally.”
“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 payment from their Voyager accounts,” said Voyager Co-founder and CEO Stephen Ehrlich in the statement.
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Voyager said it would issue 5.1 million shares of its stock, approximately $70M at the time of publication. It provides $15M in cash to Coinify Investors. The company said it would retain 5.5 million in cash from Coinify’s balance sheet. Of the 5.1 million shares, just over 3.28 million are subject to a lock-up period lasting either 12 months from the closing date. Voyager is listed on NASDAQ, which is said earlier, the company said.
