London-based crypto payments and wallet service provider PayRue has made a bet on the overcrowded market of cryptocurrency exchanges. According to the recent news, the company has acquired Gibraltar-based decentralized crypto exchange TokenMarket. The value of transaction has not been disclosed.
The announcement of this deal came from TokenMarket’s website yesterday. The exchange will now be relaunched under PayRue’s Estonian license. Both parties have also agreed on long-term cooperation for marketing and promotional activities, and their services will be integrated together.
The acquisition is a part of PayRue’s plans to emerge as a leading crypto bank in Europe. The company has obtained an Estonian exchange license, which will allow it to run TokenMarket as a regulated decentralized exchange. And this, according to PayRue CEO Mikael Olofsson, is the USP of their exchange. Regulated decentralized exchanges are the future, he said.
TokenMarket CEO Ransu Salovaara also agreed with Olofsson. He said that there will be a monumental shift to regulated wallets and exchanges in the near future, and the partnership with PayRue will allow them to benefit from this shift. It will allow them to focus their energies completely on token issuance and tokenized securities market rather than the expansion-related aspects of business, he added.
The exchange is set to be launched in October 2019. Called PayRue TokenMarket Exchange, the platform will support all 3 classes of coins (utility tokens, stablecoins, and cryptocurrencies) at the time of launch.