Acquihire deal: Blockfinex buys Fluidcoins for an undisclosed amount!

Acquihire deal: Blockfinex buys Fluidcoins for an undisclosed amount!

A hundred percent stake has been acquired by Blockfinex in Fluidcoins. The development comes 18 months after Fluidcoins raised $150,000. Blockfinex now intends to build its own platform called Blockpay.

Calling this deal the acquihire, Fluidcoins has assured that the purchase of all the stakes will not have any impact on management and staff personnel. Fluidcoins, a Nigeria-based crypto payment gateway, will continue to operate and serve its clients, including, but not limited to, The Peer, Accrue, and Getequity.

Danny Oyekan, the Founder & Chief Executive Officer of Blockfinex, has commented on the acquisition, saying that the decision was driven by the motive to venture into the wallet business for the purpose of service business and crypto payment processing. It would be scaled across the globe, per the statement issued by Danny.

Blockpay will soon be built on top of Fluidcoins to house several features like payment processing and API wallet as a service provider.

Lanre Adenowo, the Chief Executive of Fluidcoins, has described the acquisition deal as an acquihire deal, highlighting that it changes nothing, including the way it operates to assist every cryptocurrency exchange in Nigeria. Also, the deal goes on to include the acquisition of Flip and Fluishops.

Flip is a rather innovative wallet that enables users to earn interest on the stablecoins that they hold. It was launched five months ago with the facility to allow purchase airtime, send peer-to-peer social payments, and virtual top-up calls. Fluishop is what it sounds like, a shop. However, there is a difference, as Fluidshop allows users to display their products and services. This is not restricted to just a single category, but it extends to freelancers, businesses, entrepreneurs, and owners of digital products.

Moreover, all the participants can also receive payments in cryptocurrencies for their sale and purchase of products.

Blockfinex has talked a bit about what it plans to do with Blockpay. In geographical terms, the team will further extend the presence of the new platform to the United States of America, the UAE, and Africa.

Following the acquisition deal, Fluidcoin plans to build a crypto economy for the African region. The goal is to provide them with tools and encourage them to participate in the decentralized finance economy. The goal extends to encouraging all the participants to accept stablecoin for online and offline payments, including the ones that happen over the border – international payments.

Fluidcoin has, till now, worked to make cryptocurrency as easy as fiat currency to ensure that it has wide adoption. Danny Oyekan has appreciated his move and said that it would be a game changer for the crypto industry in the times to come, probably even having an impact in the long term.