Voyager Digital, the crypto-asset trading firm, has acquired payments company Coinify in a deal worth $85 million in cash and stock.
It has been reported that Voyager said it would issue 5.1 million shares of its stock, worth around $70 million, as of August 2, as well as provide $15 million in cash to Coinify investors. The company said that it would retain $5.5 million in cash from Coinify’s balance sheet.
However, the acquisition of Coinify is aimed at helping Voyager expand its capabilities, potentially giving crypto users around the world more options for cross-border payments.
The report said that Voyager has been publicly listed in Canada since 2019, while Coinify said it was currently available in Europe, Asia, North America, and South America.
Stephen Ehrlich, the co-founder and CEO of Voyager Digital, said:
"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem."
Thus, the price of Voyager Token (VGX) surged significantly in January as the company announced many acquisitions and mergers, rising from around $0.15 on January 1 to a yearly high of $6.97 in February.
Source: Cointelegraph