The news regarding the acquisition came from a tweet by Justcoin itself that it will be back under new management starting November 24th. Later on it came to the media that ANX has acquired the domain name and brand rights to troubled Norway-based Bitcoin exchange which was all available for sale for some time.
The announcement says that Justcoin will resume operations next week under new management and provide the services for Bitcoin, Litecoin and DogeCoin, etc. A gateway for crypto payment protocols Ripple and Stellar, Justcoin will resume operations next week under new management which will be decided by ANX.
Earlier, ANX announced that it plans to revive the Justcoin exchange formally on 24th November and give it further life after it was shut on 28th October as its banking partner severed ties. Justcoin had then said it was unable to secure an alternative banking partner in Norway and unable to continue the operations.
The announcement that ANX is buying out Justcoin is part of larger game plan that the company has; for instance, the company said it is expanding its global presence through the acquisition, and that the deal intends to bolster ANX’s presence in the European market. Nonetheless, the existing infrastructure of Justcoin will also be used for the purpose.
Talking to media professionals Hugh Madden, CTO of ANX, explained that his company has long recognized the vital role Europe has in the global cryptocurrency marketplace. He added that the addition of Justcoin to the ANX portfolio of companies will broaden its global footprint and significantly increase the customer base.
Transition from Justcoin to ANX Was Easy and Fast Says ANX
According to Hugh Madden ANX can now provide direct local services such as Bitcoin debit cards to its clients in Europe that it had announced to bring way back in June. The company had then said that it was setting up a European operation for this market as it could make it appeal to a wider audience.
Nonetheless, as Justcoin will continue operations under the same brand, the company says that it will now be a part of ANX and use ANX technology for greater advantage. Also, the announcement from the ANX has made it clear that transition was easy; it was able to migrate the Justcoin platform in “less than a week”, with the ANX proprietary trading engine.
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