Voyager Digital Takes Over Crypto Payment Processor Coinify
Voyager Digital, a digital currency trading firm, has agreed to buy payments provider Coinify for $85 million in a cash and stock deal. Voyager further said Monday that it will offload 5.1 million shares of its stock, valued at about $70 million at the time of publishing, and also $15 million in cash to Coinify shareholders.
The firm said that it will keep $5.5 million in cash from Coinify’s balance sheet. The takeover of Coinify is aimed to assist Voyager extend its abilities, possibly providing more choices for cross-border remittances for crypto users throughout the world. Voyager has been openly traded in Canada since 2019, and Coinify said that it is presently available in Europe, Asia, North America, and South America.
“As cryptocurrency based settlement is fast growing, the purchase of Coinify adds a worldwide payment network to Voyager’s cryptocurrency environment,” stated Voyager co-founder and CEO Stephen Ehrlich. The value of Voyager Token (VGX) skyrocketed in January as the firm revealed several mergers and acquisitions, increasing from around $0.15 on January 1 to an annual peak of $6.97 in February. At the time of publication, the value of VQX is $2.49, up over 3% since the Coinify takeover was announced.