Abu Dhabi’s Hayvn Considers Acquiring FTX Payments Company

The failed payments startup FTX Pay may be up for sale, according to Abu Dhabi-based cryptocurrency trading platform Hayvn, the company announced on Friday, as The National reported on November 25.

According to co-founder and CEO of Hayvn Christopher Flinos, FTX Pay’s connections to major corporations like Mastercard make it a key asset for company. Additionally, it apparently boasts a healthier management team and a solvent balance sheet. He said:

“We are pleased to learn that some of the FTX business have solvent balance sheets, responsible management, and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the court’s approval to proceed.”

Hayvn received regulatory approval from the Abu Dhabi Global Market in December 2021. Given that FTX Pay’s infrastructure matches that of Hayvn Pay perfectly, the company is now thinking about purchasing the payments division of the crypto exchange FTX.

Hayvn Pay, a virtual asset trading firm, has partnered with UAE companies including Damac Properties, developer Nakheel, and the government of Dubai, to allow people to buy property using cryptocurrencies.

The Hayvn board has authorized a strategy to bid for FTX Pay through a public procedure despite the fact that the FTX is still through bankruptcy proceedings. The company purchases FTX Pay for its connections rather than its technology.

“Acquiring FTX Pay will help solidify our position as the global leader in cryptocurrency payment solutions.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News