Danish cryptocurrency payment platform Coinify has purchased local cryptocurrency broker BetterCoins.

Financial terms of the deal were not disclosed. The acquisition is said to be driven by an overlap in corporate values between BetterCoins and Coinify.

Coinify said that the transaction offers BetterCoins access to its support system with more competitive pricing.

The world of cryptocurrency is one that has been praised and criticised. It’s certainly an area that holds vast opportunities but needs to be leveraged properly. Creating a safe and secure platform is essential if the cryptocurrency industry is to survive.

Commenting on the takeover, BetterCoins founder and CEO Mads Johan Eberhardt said: “Coinify shares the same customer-centric values as BetterCoins, while at the same time having the scale and financial strength to be at the forefront of the regulatory tsunami with requirements flooding the blockchain payments industry Europe over these past few years.”

Coinify co-founder and CEO Mark Højgaard added: “We are seeing companies in the industry looking to find acquisition partners which are compliant with the coming regulation and in general, ones who have a financial services-regulated approach to their business. This is where Coinify has a sweet spot.”

Established in 2014, Coinify is backed by firms including Nordic Eye Venture Capital, SEED Capital Denmark, and SEB Venture Capital.