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This acquisition is believed to be the first of its kind in the Nigerian crypto ecosystem and was facilitated by Dan Holdings Limited, the parent company of Blockfinex. Blockfinex intends to use the acquisition to expand its reach by utilizing Fluidcoins’ Wallet-as-a-service product, extending its services to over 600 cryptocurrencies, and serving more businesses through Fluidcoins Checkout. The company will also launch a new product, BlockPay, which will function as a payment processor and API wallet-as-a-service provider, available in the UAE, the US, and Africa. The acquisition will also enable Blockfinex to continue facilitating payments for Fluidcoins’ current clients, such as Accrue, The Peer, and GetEquity.
“We intend to provide these services to Digital Banks and Payments services around the world. Providing them access to use Blockfinex’s liquidity to offer over 600 cryptocurrencies available on Blockfinex and 2000+ trading pairs,”
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Oyekan said in a LinkedIn post.
“Flip By Fluidcoins will also serve as an onramp and off-ramp for Fiat into Crypto. And we will work towards offering cryptocurrencies like Bitcoin, Ethereum, Aptos, Cardano, Mina Protocol, Solana and many more on Flip in the near future.”
Exploring Fluidcoins’ Financial Shortfall and Contemplation of a “Fire Sale”
Fluidcoins, founded by Lanre Adenowo in 2021, is constructing a crypto infrastructure for businesses, equipping them with the necessary tools to take part in the DeFi economy and facilitating their acceptance of stable-coin payments, international payments, and online and offline payments. The company’s clients include ThePeer, Accrue, GetEquity, and Orchestrate.Register to attend the CN Business Mixer
After its launch, Fluidcoins managed to raise approximately $150,000 from ten angel investors, two syndicates, and one crowdfunding organization. Due to the global economic downturn, the Nigerian-based company was unsuccessful in raising additional funds beyond the previously acquired capital. Fluidcoins faced a balance sheet deficit of around $30,000 on Flip and was unable to acquire extra funding, necessitating a fire sale or closure. According to Fluidcoins, shutting down the company would not have covered the second issue, and therefore, they opted for a fire sale. Featured Image Source: BitcoinKE
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