Cryptocurrency payment platform Coinify has recently announced the acquisition of BetterCoins, a growing cryptocurrency broker founded by Mads Johan Eberhardt. The move was mode over an “overlap in corporate values” as Coinify expands in Europe.
According to the company’s website, both firms are based in Denmark and see the move as an opportunity to e able to navigate the “regulatory tsunami with requirements flooding the blockchain payments industry Europe over these past few years” while better serving their clients.
Mark Højgaard, the CEO of Coinify, was quoted as saying:
We are seeing companies in the industry looking to find acquisition partners which are compliant with the coming regulation and in general, ones who have a financial services-regulated approach to their business. This is where Coinify has a sweet spot
Per the press release BetterCoins’ customers will now have access to Coinify’s support system and “more competitive pricing.” Per Romina Fonseca Allegretti, Coinify’s head of onboarding and supporting, customers are guaranteed to “gain merit from our customer-focused service and lower fees.”
Founded back in 2014, Coinify helps its customers transfer money across borders through cryptocurrencies. Essentially, one can send crypto to a destination, which will receive the transaction in fiat “within a few days.” It also lets users buy and sell cryptocurrencies.
The acquisition comes as Denmark’s tax agency, the Skattestyrelsen, has revealed it’s looking into 2,700 bitcoin traders who reportedly owe the government taxes for gains made trading the flagship cryptocurrency.
As CryptoGlobe recently reported, 1,500 restaurants in the country have recently started accepting bitcoin in Denmark through the popular food portal Hungry.dk. This brought the total number of BTC accepting venues to 13,000.