Zengo, a well-known wallet service in cryptocurrency, has announced that it is buying Minke Wallet, which is devoted to stablecoin supervision. The takeover of this startup by ZenGo would be the first step of the company’s decision to expand its portfolio by strategic acquisition.
Co-founder and CEO Ouriel Ohayon said the takeover of Minke services and its customers will not only expand ZenGo’s user base but will also boost the existing services by the ecosystem through the integration of Minke’s specialized services. Yet, the deal which started the talks less than a month ago, has been finished within several weeks, so this should serve as a good sign for both parties about the degree of strategic fit and their agreement for the future course of events.
Enhancing crypto management and security amid transition
Established in Australia, through the years 2021-2022, Minke Wallet attracted about 50,000 users, achieved by the widespread use of stablecoin became the trademark of the product. The aftersale acquisition eyeing Minke’s users will be powered by the new robust platform which will be created by its co-founder and CEO, Josh Reyes, as he switches to another venture, OpenPeer Labs. Security aspects of ZenGo together with its retail-oriented approach were the driving factors that made it a choice as the newest home for the Tokens of Minke user base.
In the process of transition, the brand Unk and the Unw will be renamed and then stop their business. This Android app is the only problem that has affected its business model lately after Minke was delisted by Google due to security reasons, but Minke teams are addressing this issue to make the transition to ZenGo smooth.
Future plans and exploring more venues
The two parties see the association as being mutually advantageous and that both ZenGo and Minke will be better equipped to handle stablecoins and offer users a varied and secure platform. ZenGo, a self-ownership-oriented startup born in the State of Israel in 2018 funded by well-known investors like Insight Partners, Austin Rief Ventures, and Samsung Next, is on a mission to conquer the world.
The very last year the company has been striving to raise $10 million valuation at 100 million. Acquiring Minke has not only diversified the company’s tech stack and bolstered the market, ZenGo is concurrently ready for more mergers and expansion. CEO, Ouriel Ohayon, mentioned the management team intend to do more acquisitions and also that they are putting together plans to contemplate the possibility of consolidating small players within the market in order to further increase the size and market share of the company.
ZenGo’s buying makes this both leverage and a clear indication of how dynamic, global and fast the cryptocurrency marketplace is. The big players are looking to enterprise the offering and experience of their customers through strategic acquisitions and partnerships. Given the integration of Minke’s expertise and the future expansion, ZenGo is in line with the evolving digital wallet service, and now, they are offering integrated and entirely user-based solutions in the expanding market of cryptocurrency management.
