Coinmerce and BLOX join forces for European expansion
Coinmerce has acquired a majority stake in its industry peer, BLOX. The acquisition talks accelerated after an incident at BLOX, which has been resolved as a result of the takeover. The collaboration offers significant synergy benefits for the joint expansion across Europe.
Coinmerce and BLOX are two leading crypto companies in the Netherlands, each with its own brokerage platform. Given the similarities between the platforms, the companies considered it a logical step to collaborate for technological synergies and to achieve economies of scale.
Recently, BLOX faced an embezzlement case involving an employee. The employee was immediately suspended, and a police report was filed. The acquisition has addressed the temporary shortfall caused by the incident. While the police investigation is ongoing, no further details about the case can be disclosed.
In addition to resolving the shortfall, Coinmerce has taken a 51% majority stake in the company. Both platforms will continue to operate under their own brand names, while the collaboration will be intensified.
Jaap de Bruijn, CEO of Coinmerce Group, said: “This collaboration will bring many benefits for users. BLOX users can soon expect a wider range of investment options. At the same time, Coinmerce has immediately reduced its trading fees, aligning them with BLOX”, according to De Bruijn.
Mike Hutting, CEO of BLOX, is looking forward to the successes both companies can achieve together. “With the upcoming European crypto regulation, MiCAR, this is the perfect moment to join forces, with a clear focus on growth, economies of scale, and a joint European expansion,” Hutting said.
With the acquisition of BLOX, Coinmerce takes the next step in its growth ambitions. Previously, Coinmerce Group acquired the customers of Binance and BUX and also added Coinmerce Capital (formerly Icoinic) to its portfolio of companies. Coinmerce was recently in the news regarding a settlement case with 'crypto bank' Celsius. Coinmerce indicates that a settlement proposal is currently on the table, which would result in the company ultimately receiving compensation from Celsius.
Coinmerce and BLOX are two leading crypto companies in the Netherlands, each with its own brokerage platform. Given the similarities between the platforms, the companies considered it a logical step to collaborate for technological synergies and to achieve economies of scale.
Recently, BLOX faced an embezzlement case involving an employee. The employee was immediately suspended, and a police report was filed. The acquisition has addressed the temporary shortfall caused by the incident. While the police investigation is ongoing, no further details about the case can be disclosed.
In addition to resolving the shortfall, Coinmerce has taken a 51% majority stake in the company. Both platforms will continue to operate under their own brand names, while the collaboration will be intensified.
Jaap de Bruijn, CEO of Coinmerce Group, said: “This collaboration will bring many benefits for users. BLOX users can soon expect a wider range of investment options. At the same time, Coinmerce has immediately reduced its trading fees, aligning them with BLOX”, according to De Bruijn.
Mike Hutting, CEO of BLOX, is looking forward to the successes both companies can achieve together. “With the upcoming European crypto regulation, MiCAR, this is the perfect moment to join forces, with a clear focus on growth, economies of scale, and a joint European expansion,” Hutting said.
With the acquisition of BLOX, Coinmerce takes the next step in its growth ambitions. Previously, Coinmerce Group acquired the customers of Binance and BUX and also added Coinmerce Capital (formerly Icoinic) to its portfolio of companies. Coinmerce was recently in the news regarding a settlement case with 'crypto bank' Celsius. Coinmerce indicates that a settlement proposal is currently on the table, which would result in the company ultimately receiving compensation from Celsius.