FoPay Bought AliExchange for 1 Million FOIN
Sunday, 15.12.19, Zurich, Switzerland: 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 USD 2,100, 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 for by the 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. It 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’s 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 Binance Coin (BNB) in the Binance Exchange.
M&A Benefits for AliExchange:
- Increase its trading volume & customer base from FoPay
- Its users can have direct access to a secure crypto wallet, FoPay
- Utilizing FOIN token for cryptocurrency trading/pairing.
M&A Benefits for FoPay:
- Having a “home” exchange for its token, FOIN
- FOIN can be transferred to AliExchange for trading at virtually no cost to its users.
- FoPay users will be able to trade cryptocurrency in AliExchange with a 50% discount on fees.
M&A Benefits for FOIN Adopters:
- Having a secure cryptocurrency wallet in FoPay.
- Having a “home” exchange in AliExchange.
- Able to trade at a low cost.
- Able to move funds between a secure wallet (FoPay) & a Cryptocurrency Exchange (AliExchange) at ease, with virtually no cost.
But like many cryptocurrencies in their early evolution such as Monero & Bitcoin, FOIN token also has its share of global controversies. Launched in early 2018, FOIN was initially thought to be related to Financial.org, a platform that no longer exists/reachable. Regulators in a few jurisdictions were reported to investigate FOIN for the past 2 years with no evidence of foul play.
The FOIN brand became famous in 2018 for sponsoring Formula 1 Team, Williams Martini Racing & Techeetah Formula E Racing Team. (Refer www.Foin.com ). No cryptocurrency has ever created such a branding impact in history, not even Bitcoin, Ethereum or Ripple.
FOIN has since come out of its darkest period of evolution with hundreds of thousands of adopters around the world today. In fact, FOIN is one of the best performing cryptocurrency in 2019, with prices starting from about $1,000 in January to over $2500 in December 2019. FOIN price has weathered all storms including BTC price fluctuations and is currently trading at its all-time highs, well above $2,500 with Daily Trading Volume (DTV) above USD 20million. For more information about FOIN cryptocurrency, please visit www.foin.io. Based on its performance for the past 2 years, one cannot rule out the possibility that FOIN could one day challenge the dominance of Bitcoin (BTC) price of above $7,500, especially with the merger between FoPay & AliExchange.
This is a perfect marriage for both entities because FoPay will bring hundreds of thousands of new users to AliExchange Trading Platform; while AliExchange will provide the perfect platform for FOIN token to shine and grow for years to come.
FoPay believes the acquisition of AliExchange is a massive step forward for its 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.
In order to complete this M&A exercise, all FOIN tokens are temporarily suspended from withdrawal in FoPay wallets until 1st January 2020. Existing AliShareholders are given 2 weeks (until CET24:00, 30th December 2019), to redeem their payouts.
This merger between FoPay & AliExchange is setting a new benchmark where Merger & Acquisition(M&A) in this Blockchain era can be completed using 100% cryptocurrency. While cryptocurrency prices may fluctuate to a high degree from day to day, the possibility remains unlimited.
We look towards a great partnership and the longest periods of growth for FoPay and AliExchange alongside FOIN token.
Joint Press Release – FoPay & AliExchange
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.