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.
![Bitcoin](/sites/default/files/styles/article_hero_medium/public/2022-03/GettyImages-1352531755.jpg?h=98ad6a27&itok=NqKFHS_J)
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.