Bitcoin company ANXBTC Acquires Santa Monica-based exchange West Orange Labs, Inc

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Bitcoin company ANXBTC Acquires Santa Monica-based exchange West Orange Labs, Inc

The Hong Kong based Bitcoin services company ANXBTC.COM or ANX has announced that it has acquired Santa Monica-based cryptocurrency exchange West Orange Labs, Inc or CoinMKT. The company has not disclosed the amount though. The acquisition will help ANX to great extent as CoinMKT was delivering the services that are similar to the one from ANX.

Whereas ANX is focused in Asia, the CoinMKT focused in the Americas. Now that the company has acquired CoinMKT, ANX will have a wide reach to cater the requirements from clients or customers well. The company says it aims to lower the barriers to Bitcoin and other crypto currencies adoption by increasing ways for consumers to acquire and access crypto currencies.

ANX is known for pioneering several things in Bitcoin ecosystem; for instance, it was the company that introduced the world’s first physical Bitcoin Retail store and the world’s first Bitcoin debit card. On the other hand, CoinMKT which opened its doors in 2013 considers itself as being positioned to be the leading exchange for cryptocurrency in the United States.

Like ANX, CoinMKT has also played vital role in Bitcoin ecosystem by setting its goal to offer a safe, reliable place to buy and sell cryptocurrency that users trust. Nonetheless, the acquisition is going to help ANX expand into new territories, this has been even admitted by COO David Chapman who says that the acquisition would strengthen its footprint in the Americas.

Expanding into the Regions

He says that the acquisition will also help it offer local bank transfers and MTB licenses throughout the United States. The part of the acquisition agreement says that CoinMKT will continue to operate under the same brand, with ANX the parent company and ANX technology powering its exchange.

Looks like ANX is on mission mode as far as acquisitions are considered because the latest acquisition is its second acquisition in three months. Earlier the company acquired European Bitcoin exchange JUSTCOIN.COM in November. Nonetheless, Bitcoin has though fallen in terms of exchange value; it has received tremendous success in acceptance by large companies.

Several latest developments in the US show that the country is quite receptive to the disruptive technology as there is huge interest in Bitcoin exchange services. The recent announcement by Coinbase Inc. to open the first licensed Bitcoin exchange is further going to help companies open their operations in the country.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com