CryptoBlox Buys Blockchain Fintech for $11M, Boosts Adoption

Key Takeaway

• CryptoBlox Technologies acquires Blockchain Fintech for $11 million, aiming to enhance its blockchain ecosystem and accelerate adoption.
• The acquisition strengthens CryptoBlox's Structured Digital Asset Products and Blockchain Payments division, supporting its strategy across three main divisions.
• This move positions CryptoBlox to innovate in non-custodial digital asset platforms, focusing on user-centric payment solutions for global transactions.

Strategic Acquisition

CryptoBlox Technologies, a Canadian-based company, has announced a significant move in the blockchain industry by acquiring 100% of the outstanding shares of Blockchain Fintech for 20,000,000 common shares valued at $11 million. This acquisition, pending due diligence and approval from the Canadian Securities Exchange, marks a pivotal moment for CryptoBlox as it aims to bolster its blockchain ecosystem strategy. Initially, CryptoBlox intended to form a strategic partnership with Blockchain Fintech to acquire a digital asset license. However, following a 700% increase in CryptoBlox shares since the announcement, the company has decided to acquire Blockchain Fintech entirely. This strategic decision is expected to enhance CryptoBlox's Structured Digital Asset Products and Blockchain Payments division, accelerating the development and execution of its blockchain ecosystem strategy.

Ecosystem Expansion

CryptoBlox's CEO, Akshay Sood, emphasized the acquisition's role in accelerating the company's blockchain ecosystem strategy. By integrating Blockchain Fintech's technology, CryptoBlox aims to launch a suite of non-custodial digital asset products. The company's strategy is divided into three main divisions: Infrastructure and Sustainable Digital Asset Mining, Sustainable Mining Products and Technology, and Structured Digital Asset Products and Blockchain Payments. The acquisition is seen as a critical step in completing this strategy, particularly in strengthening the Structured Digital Asset Products and Blockchain Payments division. CryptoBlox is focused on encouraging user adoption of blockchain technology by offering user-centric, simple, and market-tested functionalities that appeal to both banked and unbanked users.

User-Centric Innovation

The partnership between CryptoBlox and Blockchain Fintech is expected to redefine payment solutions for both individual and business transactions on a global scale. CryptoBlox's due diligence has confirmed that Blockchain Fintech has already invested over $1 million in technology development. This investment aligns with CryptoBlox's goal to innovate in user-driven products and associated payment networks, capturing the end-to-end value in blockchain transactions. The company aims to be at the forefront of the shift towards non-custodial digital asset platforms, which offer users more control and ownership, especially in the wake of recent bankruptcies in the custodial digital asset platform sector.

Management Quotes

• Akshay Sood, CEO of CryptoBlox:

  "The acquisition will enable us to accelerate and better execute our Blockchain Ecosystem strategy. By integrating Blockchain Fintech's technology within our Blockchain Ecosystem, we hope to soon be positioned to launch our suite of non-custodial digital asset products." "Establishing our Structured Digital Asset Products & Blockchain Payments division has been a core part of our blockchain ecosystem, especially as the industry is coming up from a whirlwind of bankruptcies related to custodial digital asset platforms over the past two years. The market share of these platforms and products, which at a fundamental level give people back control and ownership, is set to continue increasing over the next five years and we want to be at the forefront of that change and adoption."