The acquisition doesn’t come out of the blue, however, as the two companies have been working together since 2020, with SHERPA measuring and helping refine the user experience within Paribu’s web and mobile applications. Clearly, the crypto exchange has been so pleased with SHERPA’s work, instead of paying invoices, they simply acquired the company.
As one does.
With soaring inflation rates (21%), increasing calls for debt repayments, and a significant unemployment rate (11.2%), the Turkish economy is taking a beating. In so much, the value of the Turkish lira is, shall we say, shaky at best. Amidst this chaotic economic backdrop, the country has seen continued activity in crypto trading, despite the collapse of not one, but two Turkish exchanges, Thodex and Vebitcoin earlier this year.
With Paribu emerging as one of the most dominant players in the Turkish crypto exchange ecosystem, CEO Yasin Oral is now angling to further push the company forward with global goals, citing, "We continue our efforts at full speed to carry our success in the local market to a global scale."
It would appear that the SHERPA acquisition is a key piece of this campaign. And if global is the goal, as any scale-up will tell you, without a spot-on user experience, you’re not going to make any headway anytime fast. It's exactly this user-experience expertise that Paribu sees in SHERPA.
With a client roster that includes brands Samsung and Unilever, SHERPA has now been saddled with the task of "getting it right" for Paribu, at least in the UX arena. What these "efforts at full speed" might include, we'll have to wait and find out.
SHERPA officially becomes part of the Paribu family as of January next year. Or perhaps better said, within the next two weeks.