Nigerian Cryptopayment Start-up Fluidpoints Acquired by UAE Cryptotrading Platform Blockfinex

02/16/2023 12:34 • Metaverse Matters • 130 views

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

Interpret the above information:

Blockfinex, a United Arab Emirates-based cryptotrading platform, has acquired Fluidpoints, a Nigerian cryptopayment start-up. The deal involves Fluidcoins and all its subsidiaries that include encrypted wallet Flip and encrypted online shopping mall Fluidshops. The financial details of the acquisition have been kept under wraps, leaving the public to speculate on how much Blockfinex invested in Fluidpoints.

The acquisition of Fluidpoints is a significant development in Africa’s fintech industry. It’s been reported that Nigeria is the second-largest bitcoin market globally, making it attractive for foreign investors. Fluidpoints is a well-established and respected player in Nigeria’s fledgling cryptocurrency space. Its acquisition suggests that the future of fintech in Africa is bright and that more foreign investment may be flowing into the continent’s fintech industry in the coming years.

For Fluidpoints, the acquisition means more resources to scale its operations and expand its offerings. This acquisition gives the company access to the UAE cryptotrading market and a broader spectrum of customers. It also provides added security to customers’ transactions given Blockfinex’s established reputation in the industry.

As for Blockfinex, the acquisition aligns with the company’s vision of becoming a leading cryptotrading platform globally. The company’s experience and expertise in the trading space combined with Fluidpoints’ payment system are expected to bolster its capabilities and enhance its market position. Blockfinex’s acquisition of Fluidpoints is an indication of its confidence in Africa’s fintech startup culture and the growing demand for cryptocurrencies globally.

In conclusion, the acquisition of Fluidpoints is significant for both companies and Africa’s fintech industry as a whole. It highlights the growing significance of cryptocurrencies in Africa and the enormous potential of the continent to become a leader in the fintech space. It also demonstrates the power of partnership and collaboration between companies and the importance of strategic investment in new technologies and start-up cultures in emerging markets.

Keywords:
Cryptopayment – a payment system that uses cryptocurrency as a mode of exchange.
Cryptotrading – buying and selling cryptocurrency.
Start-up – a newly established company.

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