Barbados and Seychelles-registered crypto exchange company Blockfinex has acquired a 100% stake in Nigerian crypto payment gateway startup Fluidcoins.

The deal, which is reportedly Nigeria’s first acquisition of 2023 and the country’s first acquisition in the crypto ecosystem, will see the founding team of Fluidcoins continue to work on the product, which includes Flip and Fluidshops.

Flip, a crypto wallet launched five months ago, allows users to earn interest on their stablecoins, purchase airtime, top-up virtual calls, and send peer-to-peer social payments within the app. Fluidshops is a free online store for entrepreneurs, freelancers, businesses and digital product owners to showcase their products and services, make sales and accept payments in cryptocurrency.

Fluidcoins, like many companies in today’s market, had difficulty raising follow-on funding to scale its offering. The company had raised only $150,000, which has kept it afloat for the last 18 months.