In May Bitcoin Publication reported on the European expansion efforts and strategies of 2 European Bitcoin startups, Coinify and Coinzone, respectively based in Denmark and The Netherlands.
“We expect to raise [funds] making sure that Europe will be playing a leading role in this brand-new payment space,” said Coinify Chief Financial Officer Christian Larson.
“Growing European need for Bitcoin suggests increasingly more customers want an easy and protected method to transact,” stated Coinzone co-founder and CEO Manuel Heilmann. “Our objective is making it easy for European customers to do more with bitcoin.”
Both business expressed the need for Bitcoin options customized to European users. In particular, some aspects of European policies, both nationwide and European Union (EU) -wide, must be attended to– for instance, consumer protection and information personal privacy regulations.
Now the 2 startups have actually chosen to sign up with forces. A press release published on the Coinify website announces that Coinify will certainly be taking over the operations of Coinzone. Coinzone will bring development and volume to the table, and this new partnership will certainly result in a variety of brand-new opportunities for consumers of both platforms.
“We invite aboard Coinzone’s merchants and partners to Coinify, and will make sure that we continue the great work of Coinzone,” stated Coinify CEO Mark Højgaard. “Coinzone has actually done a remarkable task, particularly considering its short time in the market.”
Coinify is no newcomer to acquisitions. In September 2014, after protecting a multi-million capital injection by SEED Capital and Accelerace Invest, the company purchased innovations and the consumer base from the trade platform Bitcoin Nordic and the merchant services pioneer Bitcoin Web Payment System. Coinify is now getting ready for a new series An investment round.
“We connected to Coinify as we thought that we might reinforce the position of a European-based Bitcoin supplier,” said Heilmann on the Coinzone side. “Coinify has a strong financial management group, encouraging financiers behind it, and together with the strong position that Coinzone has actually developed over the last couple of years, we anticipate even more growth with Coinify.”
The acquisition marks an acceleration in the trend towards consolidation of Bitcoin services in Europe and the introduction of a worldwide European operator. Though both business had a presence in many European nations, Coinzone was stronger in certain nations, which likely is one of the primary reasons for the acquisition.
“Coinzone’s established presence in Europe, particularly in the most active nations of France, Germany, Spain, Italy and Romania, and the recent market entries in the U.K., the Czech Republic and Poland, is 100 percent in line with our method to accelerate the expansion in these important markets,” stated Coinify CFO and Head of Strategy Christian Visti.
Another factor for the acquisition is most likely to be the synergy in between the 2 business’ focuses. In fact, the move will certainly permit Coinify to offer a strong payment entrance technology to its growing merchant client base.
“Coinify is taking the lead in the current battleground with a strong belief that Coinify will be among the top players worldwide handling cryptocurrency facilities for online merchants through a PSP tailored option,” said Richard Breiter for SEED Capital, one of Coinify’s funders. “The Coinify team has done an amazing job, pushing past turning points and achievements beyond our expectations.”
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