Crypto wallet provider Zengo has acquired Minke, a stablecoin-focused wallet, in a bid to expand its user base.
The deal discussions began less than a month ago, with the acquisition following swiftly, Zengo co-founder and CEO Ouriel Ohayon told The Block. "Minke was looking for a new home for their users, and it was a good match," Ohayon said.
Since Minke operates as a self-custodial wallet, users have the option to migrate to any other wallet using their seed phrases. However, Ohayon and Reyes are optimistic that most Minke users will transition to Zengo. Minke will discontinue its wallet and brand as part of the deal. Its Android app is already facing issues. It got delisted by Google due to certain privacy measures Minke implemented for tracking migrations, Reyes said, adding that Minke is addressing the situation. Meanwhile, existing users still have access to the app.Ohayon and Reyes did not disclose the deal terms, but it appears to be a small-sized transaction.
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