UAE Crypto Trading Platform Acquires Nigerian Startup Fluidpoints
On February 16, it was reported that Fluidpoints, a Nigerian cryptopayment start-up, had been 100% acquired by Blockfinex, the UAE cryptotrading platform, for …
On February 16, it was reported that Fluidpoints, a Nigerian cryptopayment start-up, had been 100% acquired by Blockfinex, the UAE cryptotrading platform, for an unknown amount. All entities under FuidCoins are included in this acquisition, including encrypted wallet Flip and encrypted online shopping mall Fluidshops.
Blockfinex, the UAE encryption platform, has acquired Fluidpoints, a Nigerian encryption payment company
Interpretation of the news:
The acquisition of Fluidpoints by Blockfinex has made waves in the cryptocurrency industry. The Nigerian cryptopayment start-up is known for its encrypted wallet Flip and encrypted online shopping mall Fluidshops. The acquisition has not disclosed the amount of the deal.
Blockfinex, a UAE-based cryptocurrency trading platform, is expanding its operations by acquiring Fluidpoints. Through this acquisition, Blockfinex aims to tap into the growing Nigerian market for cryptocurrencies. Fluidpoints has a strong customer base and a presence in the Nigerian market which can help Blockfinex to expand its reach.
The acquisition also highlights the growing importance of cryptocurrencies in Africa. Nigeria is one of the fastest-growing cryptocurrency markets in the world. In the absence of a stable financial system, cryptocurrencies are gaining popularity among Nigerians as a means of transferring funds, especially across borders.
The acquisition of Fluidpoints by Blockfinex is significant as it will help to create a comprehensive ecosystem for cryptocurrency transactions. Fluidpoints has developed an encrypted wallet Flip and encrypted online shopping mall Fluidshops. These products will complement Blockfinex’s trading platform, providing users with a complete range of cryptocurrency services.
The acquisition of Fluidpoints by Blockfinex also represents a larger trend in the cryptocurrency industry. As established players acquire smaller start-ups, the industry consolidates, making it increasingly difficult for new entrants to gain a foothold. This acquisition reflects Blockfinex’s strategy of becoming a dominant player in the cryptocurrency industry.
In conclusion, the acquisition of Fluidpoints by Blockfinex is a sign of the growing importance of cryptocurrencies in Africa, and demonstrates the increasing consolidation of the cryptocurrency industry as established players acquire start-ups. With this acquisition, Blockfinex aims to strengthen its position in the Nigerian market, and provide users with a comprehensive range of cryptocurrency services.
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