ANX Acquisition Revives Troubled Bitcoin Exchange Justcoin

ANX has acquired the domain name and brand rights to troubled Norway-based bitcoin exchange Justcoin.

The exchange, which lists bitcoin, litecoin and dogecoin, and is also a gateway for crypto payment protocols Ripple and Stellar, will resume operations next week under new management. ANX plans to revive the exchange formally on 24th November.

Justcoin was forced to suspend operations on 28th October, after its banking partner severed ties with the company. At the time, the exchange said it was unable to secure an alternative banking partner in Norway.

Earlier this week, Justcoin tweeted that it would be back shortly, but it did not provide any further details about the ANX deal.

Justcoin. com will be back under new mangement starting November 24th. Check your email.

— Justcoin Exchange (@jstcoin) November 18, 2014

ANX announced the acquisition in a statement released earlier today that positioned the move in terms of its larger goals.

The company said it is expanding its global presence through the acquisition, and that the deal intends to bolster ANX’s presence in the European market.

Hugh Madden, CTO of ANX, explained:

ANX announced its bitcoin debit card back in June and setting up a European operation for this market could make it appeal to a wider audience.

Justcoin will continue operations under the same brand, but it will now be a part of ANX and use ANX technology.

ANX said it was able to migrate the Justcoin platform in "less than a week", with the ANX proprietary trading engine.

Justcoin was founded last year by Klaus Bugge Lund and Andreas Brekken. In April, the company said it had 20,000 customers, 16,000 of whom were based outside of its home market.

The company gradually began to suspend operations in early October, due to payments issues and it was eventually forced to halt all operations later that month.

Handshake image via Shutterstock