Crypto-asset trading firm Voyager Digital has arranged to purchase payments company Coinify in a deal worth $85 million in cash and stock.
In a Monday announcement, Voyager said it would issue 5.1 million shares of its stock — worth roughly $70 million at the time of publication — as well as provide $15 million in cash to Coinify investors. The company said it would retain $5.5 million in cash from Coinify’s balance sheet.
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The acquisition of Coinify is aimed at helping Voyager expand its capabilities, potentially giving crypto users around the world more options for cross-border payments. Voyager has been publicly listed in Canada since 2019, while Coinify said it was currently available in Europe, Asia, North America and South America.
"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem," said Voyager co-founder and CEO Stephen Ehrlich.
Related: Voyager Digital sees 16x increase in quarterly revenue, first operating profit
The price of Voyager Token (VGX) surged significantly in January as the company announced many acquisitions and mergers, rising from roughly $0.15 on Jan. 1 to a yearly high of $6.97 in February. At the time of writing, the price of VQX is $2.49, having risen more than 3% since the announcement of the Coinify acquisition.
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