Bitcoin exchange startup BitQuick is being acqui-hired by a US-based digital currency ATM network, a move that comes months after it temporarily shut down following a cyberattack.
, which operates in the midwestern and eastern US, is buying the exchange outright as well as bringing in team members Jad Mubaslat and Chad Davis. The sale amount was not disclosed.
The integration quietly went live late last week, with the formal integration taking place today. In interview, Mubaslat said that in the immediate term, the team will continue to operate as it has previously, only with financial backing from Athena that will be used to expand the team’s size and capacity.
Mubaslat told CoinDesk:
Gil Valentine, co-founder and COO of Athena Bitcoin, said that the all-digital exchange interface is a good complement to his company’s physical ATM network.
“We like the branding, we like the story, we like the way that Jad and Chad handled everything, and we think the brand is safe and sound,” he said.
Mubaslat said that the sale is unrelated to the March server breach, stating that the decision was driven by personal factors outside of the bitcoin space.
Mubaslat said that while he understands possible security concerns following the hack, he defended BitQuick’s response and its subsequent transparency about what happened and said that any outstanding customer balances have since been refunded.
"What we were doing is, right when it happened, we shut down the platform, we were transparent with everyone,” he said. “We let everyone know what happened."
Handshake image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.