Méliuz buys 'cryptobank' for R$25 million

Charlie Taylor

The cryptocurrency cashback market is attracting attention in Brazil and worldwide, proof of this is that Méliuz has just purchased the digital bank focused on the Alterbank cryptocurrency market. Alter allows easy purchase of cryptocurrencies, storage and also offers a card credit with automatic conversion of cryptocurrencies to reais, giving cashback in bitcoin. According to the Brazil Journal, 100% of fintech de criptoativos  was purchased for R$25.9 million. Alter has 110 thousand customers and revenues of R$3.1 million in the last 12 months, according to the publication. The founders of Alter will continue as executives of Méliuz.

Cryptocurrency market is hot:

The purchase by Méliuz may indicate the future development of new products related to the cryptoactives market. Bitcoin cashback has been popularized through platforms such as Coingoback.com and campaigns with major market players  such as Novadax and even Alter Bank. In addition, the acquisition shows that the cryptocurrency market is heated. According to a report by CB Insights, the cryptocurrency and blockchain market captured a record volume of US$4.38 billion in the second quarter of this year. Investment in blockchain companies exceeds US$4 billionInvestment in blockchain companies exceeds US$4 billion Overseas, cashback company Lolli has received a total of US$20.3 million in investments and is seeking US$10 million with an eye on the games and blockchain market.

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