The crypto news today show that Voyager Digital, a crypto brokerage firm that was co-founded by the former CTO of Uber, is moving towards acquiring the crypto wallet startup Ethos, according to an announcement that was published by Voyager on February 27th.
The acquisition is building on one strategic partnership between Ethos and Voyager which was first announced in September last year, where the Ethos first released its Universal Wallet software to be integrated into Voyager’s retail and institutional businesses, enabling self-custody integrated with a unique brokerage solution.
With this, Voyager will also obtain access to Ethos Bedrock which is an enterprise blockchain application that is built in order to strengthen the company’s institutional offering and allow businesses of all kinds to build blockchain-enabled applications in the custody, payments and the investment space.
Rumours say that Shingo Lavine, the founder and CEO of Ethos, will join Voyager as the chief blockchain officer – where Voyager will pay for the acquisition with 7 million of its shares, which are now quoted at $0.66 USD a piece.
The acquisition is expected to happen at the end of March and the price will be arranged with escrow and released over two years.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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