Mobilum's daily processing volume ranges from C$100,000 to C$250,000 in transactions for cryptocurrency exchanges
TechX agrees to acquire Mobilum. (Credit: Gerd Altmann from Pixabay.)
TechX Technologies Inc. (“TechX” or the “Company”) (CSE: TECX) (OTC: TECXF) (FRA: C0B1), a company focused on emerging technologies including crypto, blockchain, AI, and cloud technologies, today announced that it has signed a definitive share purchase agreement (the “Agreement”) to acquire a 100% interest in Mobilum OÜ (“Mobilum”) for C$16,000,000.
Mobilum, a financial technology start-up that provides the fiat infrastructure to the cryptocurrency industry, is a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers, and cryptocurrency businesses. Mobilum’s simple-to-use on-ramp and off-ramp solution makes integration easy for businesses whose users buy and sell cryptocurrencies with credit and debit cards. Mobilum guarantees zero chargebacks, the highest acceptance rates, and the lowest transaction fees in the industry (at 2.99%).
Mobilum’s daily processing volume ranges from C$100,000 to C$250,000 in transactions for cryptocurrency exchanges that include KuCoin, the sixth largest cryptocurrency exchange in the world. Supporting over 200 cryptocurrencies and 80+ fiat currencies, Mobilum’s payment gateway services are accessible to over 8 million global users.
“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,” said Wojtek Kaszycki, CEO, Mobilum. “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.”
In addition to the payment processing technology, TechX will gain access to Mobilum’s Xcard digital wallet technology platform. The wallet is expected to launch in Q3 of 2021.
Stake and earn interest of up to 16% 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
AI-based crypto trading signals
“We’re excited to be launching a superior interest-bearing cryptocurrency wallet with the marketing power of TechX behind us,” continued Kaszycki. “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 (CSE:VYGR) (OTC:VYGVF) 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 multi-billions of dollars. People around the globe are just not satisfied with banks paying out interest under 0.50% anymore. Unbanking is going to become the new norm.”
Kaszycki will remain the CEO of Mobilum. A pioneer in the area of Ecommerce and Mcommerce solutions, Kaszycki has over 24 years of experience creating and managing innovative technologies. From the beginning of his professional career, he has engaged in the implementation of innovations that change everyday life. Between 1996 and 2001, Kaszycki managed the first Ecommerce agency in Poland, AGS NewMedia, created the first Ecommerce portal in Poland Empik.com (Polish Amazon). Kaszycki is also the Founder and Chairman of BTC Studios, a publicly traded video gaming company on the Warsaw stock exchange.
“TechX is very excited about acquiring Mobilum’s innovative technology, which is creating a bridge between the fiat and crypto space to speed up the mass adoption of cryptocurrency worldwide,” said Peter Green, CEO, TechX. “The rise in decentralized finance applications is growing rapidly and we expect to soon be a key player in this ever-growing market.”
Source: Company Press Release