TechX Technologies Inc., the Canada-based publicly traded company, will acquire a 100% stake in the digital wallet and payments technology company Mobilum.
It has been reported that it will help strengthen synergies between traditional fiat currencies and emerging crypto assets. Mobilum processes up to $250,000 CAD worth of transactions each day, which is equivalent to around $206,000 at current exchange rates.
However, TechX is paying $16 million CAD, or $13.2 million to acquire Mobilum.
Peter Green, the CEO of TechX, believes Mobilum’s technology can “speed up the mass adoption of cryptocurrency worldwide.
He added:
“The rise in decentralized finance applications is growing rapidly and we expect to soon be a key player in this ever-growing market.”
The report said that TechX conducts strategic acquisitions of emerging fintech companies at the intersection of cryptocurrency, artificial intelligence (AI), and cloud computing. In addition to the newly acquired Mobilum, the TechX portfolio includes several companies, including Catalyx Exchange and Altsignals.
Another day, another DeFi deal. TechX has announced that it is in the process of acquiring Mobilum for $13.2M USD https://t.co/dTV8cpHCSb — Cointelegraph (@Cointelegraph) May 26, 2021
Wojtek Kaszycki, the CEO of Mobilum, said that the recent market correction has allowed his firm to increase its processing volume “because investors want to get in on the price dips.”
Thus, the cryptocurrency market tanked by $1 trillion over a ten-day stretch earlier this month but appears to be in the process of recovery as signs of extreme bearishness begin to fade.
Source: Cointelegraph | Freepik