Copenhagen-based fintech startup Coinify has recently acquired a fast-growing virtual currency broker, run by 19-year-old Mads Eberhardt.
BetterCoins has not yet released its first financial report. The company has been around for a little longer than a year and it is known to have sold for over €2 million, with a positive result. All run from a computer in his teenage room in Odense.
“At some point I probably start a new business again. But now it’s all about completing my education, and then I probably go abroad to work.” Mads told finans.dk after the acquisition.
The recent waves of lower market volume combined with heavier regulatory requirements have been challenging the industry.
“We are seeing companies in the industry looking to find acquisition partners which are compliant with the coming regulation and in general, ones who have a financial services-regulated approach to their business. This is where Coinify has a sweet spot.”, remarked Mark Højgaard, co-founder and CEO of Coinify.
