Nigerian Fluidcoins sold to UAE-based Blockfinex after failing to raise cash
Blockfinex, a Barbados and Seychelles-registered crypto exchange company, has acquired a 100% stake in Nigerian crypto payment gateway startup, Fluidcoins for an undisclosed sum. The founding team of Fluidcoins will continue to work on the product, making this an acquihire. The news of the acquisition, first reported by TechCabal, was confirmed by Danny Oyekan, the founder and CEO of Blockfinex. Dan Holdings Limited, a web3 ecosystem and venture fund, and the parent company of Blockfinex, facilitated the deal.
“This acquisition was driven by a decision to venture into Wallet as a service business and crypto payment processing and scale it across the world,” Oyekan told TechCabal. The acquisition includes all Fluidcoins entities, including Flip and Fluidshops. Flip by Fluidcoins, a crypto wallet launched about five months ago, allows users to earn interest on their stablecoins, purchase airtime, top-up virtual calls, and send peer-to-peer social payments within the app. Fluidshop, on the other hand, is a free online store created for entrepreneurs, freelancers, businesses and digital product owners. It helps them to showcase their products and services, make sales and accept payments in cryptocurrency, particularly stablecoins.
Read more;
https://techcabal.com/2023/02/16/fluidcoin-sold-to-blockfinexNow my questions/worries be say, this no be the first news I dun read of companies outside the country acquiring our products/startups and this thing begin worry me. You mean say we no get investors in this country wey fit put money together raise funds for this startup so dem go dey independent instead dem been acquired by this companies that re only looking for means to generate revenue for themselves and their CV.
Why are Nigerian projects finding it difficult to raise funds for their products and what can be done to eliminate this problem?
