The Israeli cryptocurrency exchange Coinmama was purchased by the Canadian financial services firm Wellfield Technologies Thursday. Wellfield will acquire all of Coinmama’s securities in exchange for $3 million in cash and nearly 23 million shares of Wellfield's stock, both companies said in a press release yesterday. The shares amount to around $34.7 million based on yesterday's closing price.
Coinmama was founded in 2013 and sought to provide a decentralized platform to purchase cryptocurrencies such as Bitcoin. Coinmama allows users to pay by a variety of methods, including credit cards and Apple Pay. Coinmama has experienced a particularly high volume of activity from the United Arab Emirates and Venezuela, according to Yahoo! Finance.
