Abu Dhabi-Based Hayvn Considers Buying Collapsed FTX Payments Business
Abu Dhabi-Based Hayvn Considers Buying Collapsed FTX Payments Business

Abu Dhabi-Based Hayvn Considers Buying Collapsed FTX Payments Business

26 november, 20221 minute to read
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Abu Dhabi-based virtual asset trading platform Hayvn is considering a formal offer to acquire the payment business of cryptocurrency exchange FTX.

FTX has declared bankruptcy and many of its FTX businesses are now likely to be sold or reorganised. HAYVN could take advantage of this by adding FTX Pay to its HAYVN Pay infrastructure.

Our goal is to ensure that within two years, 75% of the world's e-commerce and point-of-sale transactions have a cryptocurrency payment option available for the customer. Acquiring FTX Pay will help solidify our position as the global leader in cryptocurrency payment solutions,

said Christopher Flinos, co-founder and chief executive of Hayvn.

Flinos did not disclose the amount Hayvn is willing to pay for FTX Pay but the plan to buy the company has been approved by Hayvn's board and "back-channel discussions" have begun to show its interest.

FTX Pay allows merchants to accept both cryptocurrency and fiat payments for a flat 1 per cent transaction fee with no minimum or upfront costs.

I am basically not buying it for its tech, as we have got better tech. I am buying it for the relationships that it has and the presence that it has with these people, so it is less risky,

Flinos said.

FTX filed for bankruptcy protection in the US on 11 November, after traders withdrew $6 billion from the platform in three days and rival exchange Binance rejected a bailout deal.

26 november, 2022
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