Crypto service provider Request Finance has announced the acquisition of virtual asset service provider Pay.so Lithuania. On November 26th, the platform announced that it has acquired regulated VASP Pay.so Lithuania.
With the buyout deal, Request Finance is now able to offer a completely compliant, one-click on/off ramp payment solution that connects fiat and cryptocurrency, simplifying international transactions for companies of all kinds.
Request Finance Buyout Bid Comes as Lithuania Sees Crypto Adoption Rise
According to Request Finance, one of the most robust and trustworthy regulatory regimes for businesses offering services on digital assets is in place in Lithuania, where Pay.so operates.
With its tenfold growth in just nine months, Pay.so has cemented its place as a crucial partner for major enterprises embracing digital currencies.
Pay.so, which has one of the most extensive currency coverages in the market, has been offering fiat payouts to Request Finance’s customers in a variety of currencies for several months, including USD, EUR, GBP, AUD, CHF, SGD, NZD, THB, HKD, IDR, CAD, INR, AED, KRW, JPY, MYR, and PHP.
What Will The Deal Include?
After the deal, for transactions between $100 to $100 million, Request Finance will facilitate seamless Fiat2Crypto onramps and Crypto2Fiat offramps.
Chris Butcher, CEO of Pay.So US, commented, “The acquisition of this regulated Lithuanian entity puts Request in a prime position to double down on fiat payments and extend its lead as the number one crypto accounting and payment solution.”
Valentin Faye, Head of Legal & Compliance at Request Finance, added, “Acquiring a VASP and pursuing MiCA compliance is essential for building trust and long-term growth in our digital finance landscape. We ensure that our operations meet the highest security and transparency standards and that our clients transact confidently across borders in full compliance with regulations.”
They add, “This positions us to support the largest enterprises as they adopt digital currencies. Plus, offering our users the first in a long line of regulated services enables them to manage all their operations with and from our platform.”
Lithuania Crypto Market To See Further Boost
Request Finance’s deal comes as Lithuania is consistently seeing a boom in the crypto industry. Due to its advantageous laws and affordable electricity, Lithuania is quickly emerging as a Bitcoin mining hotspot.
Due to this rise in adoption, by 2024 end, the Lithuanian cryptocurrency sector is expected to generate US$4.6 million in revenue.
It is anticipated to develop at a rate of 3.96% per year (CAGR 2024-2025). In 2024, the average revenue per user in Lithuania’s cryptocurrency market will be US$35.8.
By 2025, it is anticipated that there will be 129.70k users in Lithuania’s cryptocurrency market. Additionally, by 2024 end, the user penetration rate in the region is projected to be 4.80%, and by 2025, it is anticipated to reach 4.86%.