This fall 2024 witnessed a exceptional resurgence within the cryptocurrency market, highlighted by bitcoin surpassing the historic US$100,000 milestone on December 05.
This surge was fueled by vital occasions, notably Donald Trump’s election victory, which spurred expectations of a pro-crypto regulatory shift. South Korea additionally performed a key function within the international buying and selling surge, pushed by an altcoin frenzy.
In line with CCData, a knowledge and index options supplier specializing within the digital asset market, mixture buying and selling volumes throughout main South Korean exchanges, together with Upbeat and Bithumb Korea, reached a report of US$254 billion, representing a a staggering 294% month-on-month (MoM) improve. South Korea now accounts for 7.38% of the overall spot buying and selling volumes on centralized exchanges.
November additionally marked a watershed second for international crypto buying and selling, with mixed spot and derivatives markets surpassing US$10 trillion in quantity for the primary time.
Spot buying and selling quantity rose 128% MoM to US$3.43 billion, the second-highest month-to-month whole because the earlier peak in Could 2021. Derivatives buying and selling volumes, in the meantime, surged 89.4% to US$6.99 trillion, surpassing the earlier all-time excessive set in March 2024.
The crypto sector’s rebound is extending past buying and selling, with acquisition exercise additionally gaining momentum. In October, Stripe’s US$1.1 billion acquisition of stablecoin fee platform Bridge, set a brand new report as the most important crypto acquisition by exit valuation.
To mark this milestone, market intelligence platform CB Insights launched final month a listing of the ten largest crypto acquisitions up to now, ranked by exit valuation. At present, we check out these transactions, exploring their aims and underlying bold.
Bridge – US$1.1 billion (October 2024)
In its largest acquisition up to now, fintech big Stripe acquired in October 2024 stablecoin platform Bridge for a staggering US$1.1 billion. The deal marked the most important M&A deal within the crypto trade to date.
Based by Sq. and Coinbase alumni Zach Abrams and Sean Yu, Bridge offers an software programming interface (API) enabling corporations to just accept stablecoins, serving clients together with SpaceX and Coinbase.
The strategic deal coincides with Stripe’s newest growth into cryptocurrency providers. In October, it introduced again crypto fee performance for companies within the US.
Bithumb – US$706 million (October 2018)
BK International Consortium acquired in October 2018 a majority stake in South Korea’s second-largest crypto trade, Bithumb, for KRW 400 billion (US$333 million). The deal valued Bithumb at US$706 million, making it the second largest crypto acquisition in historical past.
Bithumb, based in 2014, boasted eight million customers and over US$1 trillion in cumulative transaction quantity by October 2019.
BK International Consortium is a Singapore-based consortium led by plastic surgeon Dr. Kim Byung-gun, chairman of BK Group. The consortium deliberate to create Blockchain Change Alliance (BXA), a publicly traded entity that may “up-list” on both the New York Inventory Change or Nasdaq.
Poloniex – US$400 million (February 2018)
Circle acquired the Poloniex crypto trade in February 2018 for a reported US$400 million. On the time, Circle founders Jeremy Allaire and Sean Neville mentioned that they imagined constructing Poloniex right into a market for “tokens which signify all the pieces of worth,” together with bodily items, actual property and even artistic productions.
Nevertheless, in October 2019, Poloniex spun off from Circle to develop into Polo Digital Property, backed by an unnamed Asian funding agency.
Digital Property – US$320 million (March 2022)
FTX took over Swiss-based Digital Property in March 2022 to launch FTX Europe, providing crypto buying and selling to European shoppers. The deal was valued at practically US$400 million, in accordance to Reuters.
Earlier than the acquisition, Digital Property’ most important providing was a white-label service for exchanges to supply tokenized shares.
FTX was one of many world’s largest and most useful crypto exchanges earlier than collapsing in late 2022 after huge fraud perpetrated by founder Sam Bankman-Fried and his associate Caroline Ellison compelled the corporate to file for Chapter 11 chapter.
Bottlepay – US$300 million (November 2021)
NYDIG, a number one New York-based bitcoin firm, acquired in November 2021 Bottlepay, the maker of a world, real-time bitcoin funds software. Monetary phrases weren’t disclosed however folks acquainted with the matter informed The Block that NYDIG paid an estimated US$300 million in shares for Bottlepay.
Launched throughout European markets in 2019, Bottlepay was an app constructed on the Lightning Community to facilitate social, streaming, and micropayments. It provided real-time funds switch in bitcoin and traditional currencies in addition to integration with common social media platforms.
The acquisition enhanced NYDIG’s bitcoin platform by integrating Bottlepay’s Lightning Community infrastructure, enabling monetary establishments to offer crypto funds to retail clients.
Metaco – US$250 million (Could 2023)
Ripple purchased Switzerland-based crypto custody agency Metaco in Could 2023 for US$250 million in money and Ripple fairness, marking the corporate’s first main acquisition.
Based in 2014, Metaco offered know-how for monetary establishments to retailer and handle digital belongings. Its shoppers included Citi, BNP Paribas, and Societe Generale’s digital asset arm.
Ripple is the corporate behind the Ripple fee protocol that makes use of XRP as its native cryptocurrency. The deal bolstered Ripple’s partnerships with conventional finance.
Simplex – US$250 million (Could 2021)
Nuvei, a fee know-how agency from Canada, acquired in Could 2021 Simplex, a fee resolution supplier to the crypto trade, for roughly US$250 million in money.
Based in 2014, Simplex offers international fiat-to-crypto infrastructure, enabling seamless crypto purchases and transactions. An EU-licensed monetary establishment, the corporate presents easy, seamless, and safe channels to convert over 100+ fiat currencies to 160+ cryptocurrencies.
Nuvei is a fee processor headquartered in Montreal, Canada, that focuses on pay-in and payout choices for companies.
Bitstamp – US$200 million (June 2024)
Buying and selling platform Robinhood Markets introduced in June 2024 its acquisition of crypto trade Bitstamp for about US$200 million in money, its biggest-ever deal up to now.
Bitstamp was based in 2011 and has workplaces in Luxembourg, the UK, Slovenia, Singapore, and the US. The corporate holds over 50 lively licenses and registrations globally and brings in clients throughout the EU, UK, US and Asia to Robinhood.
This acquisition will enable Robinhood to broaden its international crypto operations and enter institutional providers, together with institutional lending and staking, the corporate mentioned.
Curv – US$200 million (March 2021)
Digital fee big PayPal acquired in March 2021 Curv, a supplier of cloud-based digital asset safety infrastructure. The deal, price about US$200 million, was a part of PayPal’s broader technique to speed up its initiatives in cryptocurrencies and digital belongings.
Catering to exchanges, brokers, funds, and monetary establishments, Curv’s providers enabled safe dealing with of large-scale cryptocurrency holdings.
The Curv group built-in into PayPal’s cryptocurrency group, supporting its efforts to broaden crypto choices globally, together with enabling cryptocurrency transactions on its platform and lengthening these capabilities to Venmo.
Apex Crypto – US$200 million (November 2022)
Bakkt, an institutional supplier of crypto providers, acquired in November 2022 Apex Crypto for a purchase order value of about US$200 million.
Launched in 2019, Apex Crypto offered a turnkey platform for built-in crypto buying and selling, developed to fulfill the wants of greater than 30 fintech companies and their clients throughout a quickly increasing sector. Apex Crypto supported shoppers with a sturdy resolution for execution, clearing, custody, value foundation and tax providers facilitating the supply of frictionless crypto investing in additional than 30 tokens.
The acquisition of Apex Crypto was aimed toward bolstering Bakkt’s cryptocurrency product providing and broaden its footprint into extra shopper verticals together with fintech corporations, buying and selling app platforms, and neobanks.
Featured picture credit score: edited from freepik
