TechX closes $16M Mobilum acquisition and announces name change

TechX Technologies Inc (CSE:TECX) (OTCMKTS:TECXF) (FRA:C0B1) said that it has completed the acquisition of Mobilum OÜ, a financial technology start-up that provides fiat infrastructure to the cryptocurrency industry. 

It funded the $16 million transaction with 26.7 million shares at $0.60 per share. 

The Vancouver-based fintech company also announced that its board of directors has approved changing the name of the company from TechX Technologies to Mobilum Technologies. 

Its ticker symbol on the Canadian Securities Exchange will also change to ‘MBLM’. 

READ: TechX Technologies closes C$5M acquisition of merchant services gateway XPort Digital

Mobilum is a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers, and cryptocurrency businesses.

Its 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. At 2.99%, TechX said its transaction fees are the lowest in the industry.

“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 CEO Peter Green said in a statement.

“It’s becoming clear that decentralized finance is gaining global acceptance and we are excited to be part of this multi-billion dollar game-changing industry,” he added.

TechX said it is launching a gift and payment card off-ramp and digital wallet solution towards the end of the third quarter of 2021.

The company said it will issue a further news release announcing when it will commence trading under the new name, symbol and CUSIP number. The name change remains subject to CSE approval.

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Story by ProactiveInvestors