TechX Technologies, which offers digital payment infrastructure and digital asset management technologies, has completed the previously announced acquisition of Mobilum.
The transaction was carried out for a total consideration of $12.7m (C$16m), with each share priced at $0.60.
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In connection with the development, TechX changed its name to Mobilum Technologies. The company will now trader under the new ticker symbol ‘MBLM’ on the Canadian Securities Exchange.
The acquired entity is a financial technology start-up offering fiat infrastructure to the cryptocurrency industry.
It is a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers, and cryptocurrency businesses.
The on-ramp and off-ramp solution offered by Mobilum facilitates integration for businesses which allows their customers to buy and sell cryptocurrencies with credit and debit cards.
TechX CEO Peter Green said: “We couldn’t be happier about acquiring Mobilum’s on-ramp, off-ramp and digital wallet technology.
“With the infusion of funds from our last financing round, we expect to quickly grow from the $150,000 in daily processing volumes we are currently doing by expanding the on-ramp offering to other cryptocurrency exchanges and businesses.”
TechX is launching the gift and payment card off-ramp and digital wallet solution towards the end of the third quarter.
