Denmark based Coinify has announced the acquisition of rival Dutch processor Coinzone as it attempts to create a pan-European provider of bitcoin-to-fiat payment processing for online based merchants and payment service providers (PSPs). According to Coinify the deal will add more than 2,000 merchants into its acquiring arm and will boost plans for further capital raising in a Series A round of funding.
Commenting on the acquisition, Christian Visti, CFO and head of strategy at Coinify said,
“Coinzone’s established presence in Europe, especially in the most active countries of France, Germany, Spain, Italy and Romania, and the recent market entries in the UK, the Czech Republic and Poland – is 100% in line with our strategy to accelerate the expansion in these important markets.”
With Bitcoin processing remains only a niche requirement among the online based merchant community, the move is relatively small for the broader payments industry but for Coinify and its attempts to create a pan-European provider of bitcoin-to-fiat payment processing the move is significant and will lead to greater growth for the company.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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