Techx Technologies (TECX.C) inked a share purchase deal to acquire a 100% interest in Mobilum OU for $16 million, according to a press release.
Mobilum is a financial technology start-up involved in providing fiat infrastructure to the cryptocurrency industry. They offer a fiat-to-crypto payment processing technology solution to exchanges, wallets, brokers, liquidity providers and other businesses in the cryptocurrency sector.
The biggest selling point is the easy integration for businesses which cater to users that buy and sell crypto using credit and debit cards. That’s good for retailers. The biggest selling point for the average crypto-investor is probably the lowest transaction fees at 2.99%.
“With very few exchanges offering credit card processing, we’ve seen an exponential increase in demand from exchanges and cryptocurrency businesses to utilize our on-ramp solution. The recent crypto correction has actually increased our processing volume because investors want to get in on the price dips. By merging with Techx, Mobilum will be able to increase its liquidity, giving us the ability to process millions of dollars in transactions per month,” said Wojtek Kaszycki, chief executive officer, Mobilum.
Techx will also get access to Mobilum’s Xcard digital wallet technology platform, and is expected to launch in Q3, 2021.
Some of the features include:
- Stake and earn interest of up to 16 per cent APY on select cryptocurrencies.
- Swap multiple cryptocurrencies with lower fees than ethereum-based protocols but continue to have the ability to swap ethereum-based tokens.
- Farm DeFi tokens and earn high-interest yields.
- Buy and sell over 237 cryptocurrencies.
- On and off ramp with credit cards, electronic transfer funds and wire transfers.
- Artificial-intelligence-based crypto trading signals.
This is a sensible solution for Techx Technologies, which focuses on emerging technologies including crypto, blockchain, artificial intelligence and cloud technologies. Mobilum’s daily processing volume is from $100,000 to $250,000 in transactions for exchanges such as KuCoin, which is the world’s sixth largest crypto exchange. They support 200 cryptos and more than 80 fiat currencies, with services accessible to over eight million global users.
“With the growth and complexity of DeFi yield farming, our wallet will make it simple for any beginner to get into DeFi. I feel that our digital wallet could become a superior premium offering dominated by companies like Voyager Digital and the Celsius Network. The user bases and the assets under management within interest-bearing cryptocurrency wallets have exponentially grown over the past year into the multibillions of dollars. People around the globe are just not satisfied with banks paying out interest under 0.50 per cent anymore. Unbanking is going to become the new norm,” said Kaszycki.
Let’s look at the chart.
Techx enjoyed a %17.9 bump today on the news, and is now trading at $0.79.