Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
With the latest acquisition, Voyager will be able to expand its international footprint while simultaneously expanding its business-to-business capabilities.
On Monday, August 3, crypto trading firm Voyager Digital announced its acquisition of Coinify. As a result, Voyager will pay a massive 485 million to Coinify in cash and stock options.
In its announcement, Voyager said that it will issue 5.1 million shares valued at roughly $70 million. Furthermore, it will also provide $15 million in cash to Coinify investors. Voyager also noted that it will retain $5.5 million in cash from Coinify’s balance sheet.
The latest acquisition will give Voyager the ability to expand its footprint in the international markets. Coinify has its operations up and running in 150 countries across Asia, Europe, and the two American continents.
Through the Coinify acquisition, Voyager will expand its business-to-business capabilities, particularly in Europe. Speaking of this development, Voyager co-founder and CEO Stephen Ehrlich also said:
“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. Coinify’s core values of innovation, security, and scalability are perfectly aligned with Voyager’s mission of making digital assets accessible throughout the world.”
Delivering Solid Performance
Back in 2019, Voyager became a public-listed company with its stock trading at Canada’s Securities Exchange (CNSX: VYGR). However, on Monday, the NYGR stock ended 5.59% down at a price of CAD 16.90.
However, the returns are still four-fold on a year-to-date chart. Voyager (CNSX: VYGR) has been one of the best-performing stocks for this year of 2021. In fact, since the March 2020 market crash, the stock has grown by over 7000%.
Over the last two years, Voyager has registered phenomenal growth with its number of users growing from 10,000 in early 2019 to now more than 86,000. The revenue jump has also been 10x with $87,000 in 2019 to now at over $1.1 million. Speaking of this development, Mark Hojgaard, CEO and Co-founder of Coinify said:
“We are excited to join the outstanding, innovative team at Voyager, and become part of Voyager’s market-leading offerings, brand, and community, and to rapidly grow merchants utilizing Coinify’s payment processing technology. The combination positions Voyager as the go-to choice for businesses and individuals seeking an efficient transaction vehicle for a wide range of purchases globally.”
Read other news from the cryptocurrency industry here.