FoPay Bought AliExchange for 1 Million FOIN
Cryptocurrency Wallet service provider, FoPay announced today that it has acquired Cryptocurrency Exchange, AliExchange in a deal worth 1 million FOIN. FOIN’s 30 days average price is approximately USD2,100, making this acquisition valued at about 2.1 Billion USD.
AliExchange is a new
Cryptocurrency Exchange based in Tallinn, Estonia. It began operations in March this year and was reported to have a DTV (daily trading volume) reaching 200 million in the past 3 months, with most of its customer base in Asia. Despite its impressive achievements, AliExchange has yet to be listed on Coin Market Cap (CMC).
AliExchange is currently operating under License No FFA000329 that allows it to operate as a financial institution providing financial services, except insurance and pension funding; License No. FVR001186 that allows it to provide services of exchanging a virtual currency against fiat currency and License No. FRK001082 that allows it to operate a virtual currency wallet service. All 3 Licenses are issued by the Estonian Financial Intelligence Unit (FIU), which is an independent structural unit of the Estonian Police and Border Guard Board.
This unique acquisition is paid by FOIN Foundation, which is based in Zurich, Switzerland. FOIN Foundation is a non-profit Organisation that promotes the adoption of
Blockchain Technology & FOIN Cryptocurrency Utilization across the globe. FOIN Foundation boasts a capital reserve of 20million FOIN; hence, funding FoPay’s acquisition of AliExchange represents a small sum of its balance sheet in helping to expand FOIN global footprint.
Out of the 1 million FOIN buyout settlement, a small amount of FOIN will be paid to compensate current AliShareholders, while the bulk balance of it will be kept in AliExchange as liquidity and capital expenditure.
This Merger & Acquisition (M&A) Deal brings significant benefits and value to the table as well as providing a seamless User Experience and Interface Integration between a Cryptocurrency Wallet & an Exchange. As such, the usage and utilization of FOIN in AliExchange will eventually be similar to the role of BinanceCoin (BNB) in the Binance Exchange.