Cryptocurrency payment service provider FoPay has acquired Estonian cryptocurrency exchange AliExchange for about $2.9 billion.
According to a press release published by FoPay on Dec. 15, the exchange was acquired for 1 million FOIN tokens that, as of the publication of the press release, have a value of $2,955 each, which brings the acquisition price to $2,955 billion. The announcement estimates the deal’s value is $2.1 billion based on FOIN’s 30-day average price.
A merger conducted 100% in crypto
The token has also seen its value grow by 10.11% over the last 24 hours. The release reads:
“This merger between FoPay & AliExchange is setting a new benchmark for the industry: it shows that Merger & Acquisition in this Blockchain era can be completed using 100% cryptocurrency.”
The announcement also points out that the firm’s total balance sheet is 20 million FOIN tokens. Foin — the firm behind the FOIN token — has so far launched a multi-currency wallet, a merchant platform and the FoPay payment service. Foin intends to integrate the interface of its cryptocurrency wallet and the exchange, aiming for a seamless user experience.
Cryptocurrency exchanges are slowly transforming into more than a way to trade different tokens. One of the latest examples is the partnership between exchange Binance and p2p crypto market Paxful, which allows the exchange’s user to spend the cryptocurrency on goods ranging from gift cards to airplane tickets.