Moopay LTD confirmed rumors and announced today that after long talks with leading altcoin exchange MintPal, they have acquired their business. Mintpal will join the ranks of Moopay’s payment processing service Moolah this August. Moopay plans to make serious security upgrades to the exchange, starting with a full audit and making sure all the back doors are closed.
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Founded earlier this year, MintPal has always run a business model of quality over quantity. They have done their best to make sure scam-like coins do not enter their trading platform. The exchange has seen a high amount of success, but was recently the target of a hacking attack where Vericoin was targeted specifically and successfully stolen. The theft caused the Vericoin developers to hard-fork the coin, and Mintpal lost a bit of trust.
Security seems to be the main focus of Moopay in the recent acquisition. Moopay Founder and CEO Alex Green wrote a blog on the acquisition, titled “We’re Taking Over MintPal, Here’s What You Need To Know” where he explained their plans for the altcoin exchange.
“In my opinion they were, and still are, one of the better exchanges out there. They have a great UI, a number of diverse markets and a highly active user base. The exchange has a number of great points, and the entire moolah.io team felt as if we could take it to the next level. With a full revamp in terms of security and performance, MintPal could be taken to new heights.”
“Our first action to take regarding MintPal, is to beef up the security, make a number of performance tweaks; do a formal audit and review of operational procedures. Once this is done, we will focus on introducing new features to both platforms. They already have a great platform, we just need to make sure that all the doors are locked, and that none of the windows are open.”
In the acquisition, MintPal will now have the Moopay 24/7 customer support. Along with this, MintPal will have a desktop based trading platform created and a long-anticipated mobile trading interface. The change will happen throughout August, but there will be no down-time according to Moopay LTD.
MintPal vs. Moolah’s Already Existing Trade Platform
Moopay already has a trading platform integrated with their Moolah platform, but Green plans to make sure MintPal stays separate from the Moolah platform. Before the Moolah trading platform, there was Prelude that saw success, but was eventually phased out to incorporate Moolah Trade instead.
Mintpal will be the “go-to place for divergent altcoin markets with coin based pairings,” Green stated, starting with Bitcoin. He plans to cut out any dead coins on the market and add new coins once they decide on a proper system of decision-making.
Moolah trading will focus on FIAT markets as they already have U.S. dollar markets established. “As a result, we will be removing the coin based pairings from Moolah Trade on August 7th, 2014,” Green said. “Moolah Trade will focus exclusively on making it easier to get involved with digital currencies, which means we will be working tirelessly in order to bring our instant buy, sell and local payment mechanisms online as soon as possible.”
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