Bitcoin Brokerage Voyager Breaks Into Digital Payments With $85 Million Acquisition – Forbes


As demand continues to grow for crypto investors to make payments with digital assets, $1.9 billion trading platform Voyager Digital Ltd. is making a big push into the space. Announced today, the publicly-listed firm has acquired Denmark-based crypto payment platform Coinify in an $85 million deal. 

Founded in 2014, Coinify’s crypto payments infrastructure allows merchants to accept digital assets while receiving payouts in traditional currencies. It supports over 20 fiat currencies and is available in Europe, Asia, North America, and South America. It also offers a bill payment mechanism allowing users to invoice customers and accept payment in crypto.

“We think payments is the next frontier,” Stephen Ehrlich, CEO and Co-founder of Voyager told Forbes in an exclusive interview ahead of the announcement.

Over the next year, Voyager plans to integrate its systems with Coinify’s payment processing platform to enable customers to make payments directly from their digital asset accounts, cutting out the fees associated with traditional payment infrastructures or on-chain transactions. As part of the acquisition deal, Coinify shareholders will receive 5,100,000 of newly issued shares of Voyager common stock and $15 million in cash. 

Ehrlich noted that the decision to acquire Coinify came as the Voyager team noticed increasing customer demand to both make and receive payments in cryptocurrencies, particularly in the form of Circle’s USDC stablecoin. USDC is currently the world’s second largest-stablecoin by market cap ($27.25 billion), and is growing faster than industry leader tether (market capitalization of $64.4 billion), which has been beset by controversy. 

“We believe the USDC stablecoin is the best stablecoin on the market and that customers want to receive payments in that,” Ehrlich says. “We see this vision of payments being the next frontier on top of trading and investing.”

The Voyager-Coinify tie-up also comes as Visa and Mastercard, the world’s largest electronic payment networks, are both building out their crypto businesses. Mastercard announced in July it had streamlined its process for crypto firms to offer payment cards. Similarly, Visa is increasingly growing its crypto-linked debit card business and this month launched the first crypto rewards credit card in partnership with crypto firm BlockFi. As another signal of USDC’s growing potential in the payments space, Visa began accepting the stablecoin to settle transactions earlier this month. 

As Coinify gets integrated into Voyager’s systems, Ehrlich noted that his strategy over coming months is focused on growth as the financial industry continues to evolve. He also believes that as a public company with public equity and $200 million cash on its balance sheet, Voyager has an edge as it continues to scan the market for potential future growth-oriented acquisitions. 

“There’s two of us public today: Coinbase and us,” Ehrlich says. “I know a lot of people have said they want to go public, let’s see how quickly they get there. We still have this lead on everybody when it comes to that and we’ll take advantage of that and look at more M&A transactions, but I think we have other advantages too. We’re a nimble company, our management team has been in this industry and capital markets a long time so we understand acquisitions.”



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