Two Major Cryptocurrency Market Players to Team Up: FoPay Bought AliExchange for 1 Million FOIN
Dear FOIN and FoPay community! Today is a big day for each of us. For the last few months, the number one priority of our work on developing our ecosystem was to give our users a convenient, easy, and advantageous way of buying, exchanging, and withdrawing their assets. And now, we are ready to announce an unprecedented deal for the whole cryptocurrency world: FoPay bought a cryptocurrency exchange for 1 million FOIN. It means that now FoPay owns a “home” exchange for its currency — FOIN, which brings lots of benefits for FOIN and FoPay community. Below you will find the details of this happening and the new opportunities it brings.
FoPay, a cryptocurrency payment system provider managed by the FOIN company, has acquired AliExchange, a booming cryptocurrency trading platform from Estonia, Europe. The deal worth 1 million FOIN. Taking into account the FOIN’s 30 days average price, the deal price is about 2.1 Billion USD. The bulk of this amount will be kept in AliExchange as liquidity and capital expenditure.
The deal background
This acquisition is another big step for FOIN to expand its global footprint. Launched in early 2018, currently, FOIN is one of the best performing Cryptocurrency, with prices starting from about $1,000 in January 2019 to over $2,500 in December 2019. Previously FOIN had released FoPay, a blockchain payment system, including a multi-currency wallet and a merchant platform. In just a few months of this year, a great many merchants have joined the platform and now they can accept cryptocurrency payments from their customers.
This year is also remarkable for the company thanks to the launch of the FOIN Foundation, a non-profit Organisation based in Zurich, Switzerland. It promotes the adoption of Blockchain Technology & FOIN Cryptocurrency Utilization across the globe. The FoPay’s acquisition of AliExchange was paid by FOIN Foundation. It is worth noting that the acquisition price is only a small part of the FOIN Foundation balance sheet, a reserve of which is consists of 20 million FOIN.
The deal bodes for the big positive changes in the cryptocurrency market
This Merger & Acquisition deal between FoPay and AliExchange is going to bring benefits not only to the transaction parties but also to the cryptocurrency adopters. As a result, we will face an interface integration between the FoPay cryptocurrency wallet and the exchange meaning to provide a seamless user experience. FoPay will have a “home” exchange for its token, FOIN, while the FoPay users will be able to transfer FOIN to AliExchange for trading at virtually no cost and to trade cryptocurrency with a 50% discount on fees. Undoubtedly this is a massive step forward for FoPay’s business model that uses blockchain technology to connect users and merchants from around the world. Now its users and merchants will be able to dispose of, exchange or trade their cryptocurrencies at the lowest cost on AliExchange.
Moreover, 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.
