The Nigerian crypto payment gateway Fluidcoins was recently bought for an undisclosed sum by Blockfinex, in a deal which the former’s CEO Lanre Adenowo described as an “acquihire deal.” Blockfinex reportedly said it will leverage the acquisition to launch its own platform known as Blockpay.

Scaling Blockfinex’s Crypto Payment Processing Business

The Nigerian crypto payment gateway, Fluidcoins, was recently acquired for an undisclosed sum by the Seychelles-registered crypto exchange company Blockfinex. According to a Techcabal report, Blockfinex’s acquisition of a 100% stake in the Nigerian firm came some 18 months after Fluidcoins’ last capital raise of $150,000.

Commenting on the acquisition that was facilitated by Dan Holdings Limited, Blockfinex founder and CEO Danny Oyekan reportedly said:

This acquisition was driven by a decision to venture into wallet as a service business and crypto payment processing and scale it across the world.

Blockfinex reportedly said it will leverage the acquisition to launch its own platform known as Blockpay. Besides being a payment processor and application programming interface (API) wallet-as-a-service provider, Blockpay will facilitate payments for Fluidcoins’ existing clients such as Accrue, The Peer, and Getequity, the report added.

Meanwhile, Fluidcoins CEO Lanre Adenowo is quoted describing his firm’s reported acquisition by Blockfinex as an “acquihire deal” that will not result in management or staff changes. The deal nonetheless allows Fluidcoins to keep operating.

According to the report, the acquisition deal includes all of the Nigerian crypto payment gateway’s entities including Flip and Fluidshops.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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