TechX Technologies is a publicly traded company headquartered in Vancouver, Canada. TechX is listed on the Canadian Securities Exchange (TECX), Frankfurt Exchange (C0B1), and the OTC (TECXF).
TechX Acquires Mobilum for $16 Million
TechX Technologies Inc. (CSE: TECX) (OTCMKTS: TECFX) (FRA: C0B1) is a public company making waves with its mergers and acquisitions initiatives. The company acquired 100% of the assets of Cryptobuddy and has rebranded it to Alt Signals, a crypto trading signals platform through its subsidiary at an all-stock deal valued at C$5 million.
Shortly after this acquisition, TechX Technologies signed a definitive agreement to acquire a 100% interest in XPort Digital Ltd, a fiat-to-crypto on-ramp platform for users to purchase cryptocurrency without setting up an account. The company acquired XPort through a stock deal valued at C$5 million.
On May 26th, the company announced its acquisition of Mobilum OU, a fintech company that provides fiat infrastructure to the crypto industry. The agreement gives TechX 100% interest in Mobilum. Mobilum has a daily processing volume of between C$100,000 and C$250,000 in transactions for exchanges including the world’s sixth-largest cryptocurrency exchange, KuCoin.
“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. By merging with TechX, Mobilum will be able to increase its liquidity to give us the ability to process millions of dollars in transactions per month,” said Mobilum CEO, Wojtek Kaszycki.
“TechX is very excited about acquiring Mobilum’s innovative technology, which is creating a bridge between fiat and crypto space to speed up cryptocurrency mass adoption worldwide,” said TechX CEO Peter Green. “The rise in decentralized finance applications are growing rapidly and the assets under management within interest-bearing cryptocurrency wallets have exponentially grown in the last 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 and we expect to become a key player in this ever-growing market very quickly.”
The move by financial institutions to support cryptocurrency payments provides an easier and safer way for customers to invest and transact using secure digital currencies. You can expect to see more activity in the M&A space in the coming months as more institutions, wallets, exchanges, and DeFi services embrace on and off ramp payment processing technologies.
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