PolyX crypto exchange acquired by crypto firm SatSimple

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Cryptocurrency management platform SatSimple has acquired PolyX cryptocurrency exchange. The acquisition gives the U.K-registered firm a wider reach in Europe ahead of its planned launch later this year. The financial details of the acquisition were not disclosed.

PolyX is an Estonian-based crypto exchange that offers a trading platform as well as a crypto wallet. It was launched in November 2018 after acquiring an EU license to offer crypto services in the region. It supports the euro, the U.S dollar and the Russian ruble. According to CoinMarketCap, it is the 153rd-largest crypto exchange globally, having facilitated $1.3 million worth of trades in the past 24 hours.

The acquisition was strategic for SatSimple, the company’s head of communications John Clifford believes. He commented, “PolyX’s technology platform, their unique risk-based approach and regulatory status fits perfectly into SatSimple’s strategic build plan for delivering innovative and secure Bitcoin services to customers in the crypto asset space.”

SatSimple’s mission is to provide ‘the next generation of integrated Bitcoin services that are, less complex, more secure, and highly transparent’, he added. As such, the company will make more acquisitions this year as it readies itself for the launch.

For PolyX, the acquisition is testament to the great growth it has experienced since launching 15 months ago. The exchange was launched at a time when the crypto market was going through a rough patch, with the crypto winter pushing some exchanges out of business. The exchange’s CEO Stanislav Chernukhin hailed its performance, saying the acquisition is a recognition of its success.

He stated, “This acquisition recognises PolyX’s success in developing a compelling and innovative technical platform. We are excited to be part of SatSimple’s vision and to join their seasoned and highly experienced team.”

The crypto industry is quickly maturing and with it, more companies are engaging in mergers and acquisitions to consolidate their market shares. American crypto exchange Coinbase (NASDAQ: COIN) has been a leader in this space, acquiring several startups including Earn, Keystone Capital and Xapo. In November last year, U.K’s multi-asset trading platform eToro acquired Delta, a crypto portfolio tracking application. Speaking to CoinGeek, the company’s CEO Yoni Assia revealed that with the acquisition, eToro was striving to make crypto ownership and trading as seamless as possible.