Celsius acquires MVP workshop as it looks to build more on crypto

Karthik Subramanian

Celsius, one of the largest cryptocurrency lending and rewards earning platforms, has announced that it has acquired the development division of MVP Workshop as it looks to expand its development team.

The acquisition involves the taking over of the division that was already working for Celsius and it is believed that this division has around 50 employees. The team is based out of Serbia and it is expected that this team would augment the team that is already working out of Tel Aviv.

“This is an exciting day for Celsius, as we continue to grow with our long-time partners in MVP”, said Nuke Goldstein, Celsius CTO, and Co-Founder. “With this acquisition, we’ll be able to continue scaling our product development and continue to deliver the best products for our growing community.”

The two companies had already been collaborating on the development of the platform over the last 3 years and this acquisition shows the commitment of the company to continue the upgradation and growth of the platform in the coming years as well. It also shows the level of work done by the MVP Workshop team that Celsius has placed so much trust in them now. The details of the acquisition have not been made public yet.

“This combination is a great strategic fit to better align product development, customer service, and back-office operations for scalability”, said Celsius COO and Co-Founder, S. Daniel Leon. “We are better positioned to grow through innovation at greater speed together. The integration of our teams enhances Celsius’ ability to serve our community in building financial freedom for everyone”.

MVP Workshop is a fintech that focuses on blockchain product and project development and they focus exclusively on Web3 products and work with some of the largest blockchain teams in the world including polygon, moonbeam, and Web3 Foundation.

“We have been working together since day one and we believe that this next step in our collaboration is the right next step in our partnership”, said Ivan Bjelajac, manager of the Celsius development center in Belgrade. “This merger will allow MVP Workshop employees who have been working on the project for more than three years to become an integral part of a leading blockchain finance company that shares our values. This will help us scale in the long run, and I am very thankful to Celsius for the journey we had this far, and for the one that lies ahead.”

Acquisitions of teams that have already been working on their products and projects is a general practice in the software industry as it is a win-win situation for all involved, The team gets work continuity, the acquired company gets funds and the company that does the acquisition gets a stable and reliable team to work on its products and platforms.

 

Read this next

Digital Assets

Binance US weighs plans to go public, CEO CZ says

Binance.US, the American outpost of the world’s biggest crypto exchange, has seemingly plans to follow Coinbase’s path and go public one day.

Retail FX

FX volumes, number of active clients boom at Exness in June 2021

The latest group of retail FX platforms to report their monthly volumes indicate that June was a busier month all round, with Exness setting its second-highest monthly volumes on record.

Industry News

Individuals impersonating CySEC representatives draw warning from Cyprus watchdog

The Cyprus financial watchdog said on Friday there was evidence of fraudulent impersonation of its officials who are engaged with firms under CySEC’s supervision.

Digital Assets, Inside View

SEC v. Ripple angers XRP holders as rival Stellar (XLM) mixed in “love triangle” over MoneyGram

“Although the SEC claims that all XRP are unregistered securities and Brad Garlinghouse and Chris Larsen unjustly enriched themselves, it allows Ripple Co-founder JedMcCaleb to sell his XRP for hundreds of millions of dollars to possibly buy MoneyGram. Makes perfect sense”, said XRP Holders’ attorney John Denton ironically.

Industry News

Monex loses second appeal in CFTC anti-fraud enforcement action

Since Dodd-Frank that such trading must be conducted on a regulated exchange, and that the offeror must be registered with the CFTC.

Technology

Profile Software announces automated custody platform and mobile tech

The upgraded version of Axia Custody offers advanced functionality for multi-custodian operations across borders for a competitive multi-channel international-level client experience.

Industry News, Institutional FX

IHS Markit to pay CME Group $113m amid EU approval of post-trade JV

IHS Markik, at the same time, is being acquired by S&P Global Inc for $44 billion in stock, subject to approval as well.

Digital Assets

India’s Central Bank working towards implemention of digital currency

The Deputy Governor of the Reserve Bank of India, T Rabi Sankar, has said that the central bank was working towards a phased implementation of a central bank digital currency and is in the process of introducing it for wholesale and retail segments shortly.

Industry News

Visa acquires Currencycloud to facilitate global funds movement

Visa has announced the acquisition of Currencycloud, which provides APIs which help institutions with remittance and currency exchange capabilities in a deal that is valued at $963 million.