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Israeli crypto firm Coinmama bought for $3 million

Coinmama is one of the relatively few cryptocurrency platforms that allows users to buy coins with a credit card, and is part of Israel’s growing crypto ecosystem.

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. 

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