ANX Acquisition Revives Troubled Bitcoin Exchange Justcoin

Norwegian cryptocurrency exchange Justcoin will resume operations next week under new management.

Nov 21, 2014 at 6:50 p.m. UTC
Updated Sep 11, 2021 at 11:20 a.m. UTC

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 Exchange (@jstcoin) November 18, 2014

Debit cards for European customers

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:

“We have long recognized the vital role Europe has in the global cryptocurrency marketplace. The addition of Justcoin to the ANX portfolio of companies will broaden our global footprint and significantly increase our customer base. ANX can now provide direct local services such as bitcoin debit cards to our clients in Europe.”

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.

Regional brand lives on

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

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