Nigeria’s Wallet-as-a-Service Startup, Fluidcoins, Acquired by BlockFinex

Fluidcoins, a startup that provides a payment gateway for cryptocurrency in Nigeria, has been acquired by Blockfinex, a crypto exchange registered in Seychelles and the UAE.

According to local reports, Blockfinex will retain the founders of Fluidcoins to continue work on the product.

“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,” said Blockfinex founder, Danny Oyekan.

The acquisition is said to include all Fluidcoins entities, including Flip and Fluidshops.

Flip by Fluidcoins, a relatively new crypto wallet that has been available for around five months, features an IP (investment plan) that enables users to earn interest on their stablecoins. The wallet also enables users purchase airtime, top-up virtual calls, and engage in peer-to-peer social payments through an app.

Fluidshop is classified as a free online store designed for entrepreneurs, freelancers, businesses, and digital product owners. The platform allows these individuals and entities to showcase their products and services, make sales, and accept cryptocurrency payments, with a focus on stablecoins.

Blockfinex has released a statement indicating that it plans to use the acquisition of Fluidcoins to launch a new product called BlockPay to be made available in the UAE, US, and Africa. In addition, Blockfinex intends to continue supporting payments for Fluidcoins’ existing clients such as Accrue, The Peer, and GetEquity, among others.

With the acquisition of Fluidcoins, Blockfinex also plans to utilize the Wallet-as-a-service product to extend its reach to more than 600 cryptocurrencies. Additionally, Blockfinex intends to expand Fluidcoins’ checkout businesses to accommodate a larger number of businesses.

Lanre Adenowo, who founded Fluidcoins in 2021, has disclosed that the company experienced difficulties in securing follow-on funding to expand its operations. Despite being able to raise approximately $150,000, the company has only managed to sustain its operations for the past 18 months.

This acquisition deal between Blockfinex and Fluidcoins marks Nigeria’s first reported acquisition for the year 2023 and it is also the country’s first deal in the crypto industry.