Bitcoin payment platform GoCoin of Santa Monica and loyalty points and credit card processing company Ziftr of Milford, N.H. have merged.
The companies are merging in part to create a loyalty points system based on digital currencies such as bitcoin. The merged company, named GoCoin, will also offer a hybrid mobile payment app, which will give consumers the choice of paying with VISA, Mastercard, bitcoin-like digital currencies, or loyalty coupons and points.
GoCoin earns revenue by taking a 1 percent fee for processing bitcoin payments for merchants. The company said it has a merchant user base of more than 12,000.
GoCoin also announced that it has processed its one millionth payment and achieved its first cash-flow positive month.
“In the second half of 2015, we saw 40 percent month-over-month top-line growth,” GoCoin Chief Executive Steve Beauregard said in a statement. “Combining with Ziftr positions GoCoin to drive revenues through profitable merchant services beyond digital currency payment processing.”
Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
