Blockfinex, a Barbados and Seychelles-registered crypto exchange company has bought a 100% stake in Nigerian crypto payment gateway startup, Fluidcoins.
According to reports by Techloy, the deal between the two firms has been dubbed Nigeria’s first acquisition of 2023 and the country’s first purchase in the crypto ecosystem.
The merger will ensure the founding team of Fluidcoins continues to work on their two products, Flip and Fluidshops.
Flip is a crypto wallet that launched five months ago. The crypto wallet allows users to earn interest on their stablecoins, purchase airtime, top-up virtual calls, and send peer-to-peer social payments within the app.
Fluidshops is a free online store for entrepreneurs, freelancers, businesses and digital product owners to showcase their products and services, make sales and accept payments in cryptocurrency.
Like many businesses in the market today, Fluidcoins struggled to secure more finance to expand its offering.
“The company had raised only $150,000, which has kept it afloat for the last 18 months.”