Coinify expands by acquiring Coinzone


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13 August, AtoZForex.com, Vilnius – Founded in 2014, an Amsterdam-based payment processor which gained the majority of its movement from eastern Europe, Coinify, has acquired a competing Europe-based Bitcoin payments processor Coinzone to expend its field of services.

The company aims to extend transaction and processing services to consumers and merchants respectively allowing businesses to accept Bitcoin and receive a next-day settlement in Euros, dollars or kroner, among other minor currencies.

Moreover, with the move, Coinify has increased its merchant base amounting to 10,000 active monthly customers, up from 8,000 before the acquisition and expending its employee positions to 17 with an addition of sales staff.

Coinify CFO Christian Visti Larsen notes the purchase was done as his firm is seeking to move its focus from acquiring individual merchants to payment service providers (PSPs). He further clarified that the company is seeking to replicate the model from its US peer Bitnet by seeking to partner with larger organisations which would provide payments support to thousands of online merchants.

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"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," Christian Visti Larsen commented.

The Coinify CFO also pointed out the success of this model in the United States where Bitcoin payments are already transferred via PSPs such as PayPal, Cardinal Commerce and Stripe. Furthermore, Christian Larsen suggested that the time has come for the European market to step up its performance, pointing that Coinify is already working on eight deals with regional PSPs.

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