Crypto wallet provider Zengo has acquired Minke, a stablecoin-focused wallet, in a bid to expand its user base.

The deal discussions began less than a month ago, with the acquisition following swiftly, Zengo co-founder and CEO Ouriel Ohayon told The Block. "Minke was looking for a new home for their users, and it was a good match," Ohayon said.

Minke was seeking a new home for its users because its co-founder and CEO Josh Reyes wanted to concentrate on his other venture, OpenPeer Labs, which is developing a decentralized peer-to-peer exchange, he told The Block. Zengo was a good choice due to its security measures and retail-focused approach, Reyes said.

What is Minke?

Minke was founded in 2021 in Australia and, at its peak, the self-custodial wallet had about 50,000 users, Reyes …