Coinify purchases bitcoin payments processor Coinzone
Coinify, a Denmark-based digital currency payment provider, has purchased Coinzone, a bitcoin payments processor, for an undisclosed sum.
The acquisition will expand Coinify’s merchant base from 8000 to 10,000 actively monthly customers, as well as its employee base to 17, CoinDesk has reported.
Coinify CFO Christian Visti Larsen said that the deal comes as the firm is looking to change its focus from acquiring individual merchants to payment service providers (PSPs).
He added that Coinify is also planning to collaborate with larger entities that provide payments support to thousands of online merchants.
Larsen told CoinDesk: “More merchants today do business with a PSP and would rather have multiple payment options through a PSP. Most of Coinzone’s partners were asking for this service, so it seemed like a perfect match.”
Coinify currently has eight deals with regional PSPs, said Larsen.
Coinzone CEO Manuel Heilmann said that the firm’s management staff will continue to remain at the company for a transition period, though no executives will join Coinify in full-time roles.