Business to consumer technology entrepreneur Mobecom (ASX:MBM) continues to pick up innovative projects, revealing plans to acquire rapid cryptocurrency exchange platform Paid By Coins Pty Ltd.
The acquisition will see Mobecom pay $6 million in shares to Paid By Coins developer Lakeba Ventures, deepening its relationship with the software group which is also behind some of Mobecom’s other product offerings.
Paid By Coins is an online cryptocurrency exchange allowing users to conduct conventional transactions, such as utility bills through digital currencies.
The platform rapidly matches the cryptocurrency seller, who is hoping to pay a bill, with a cash-paying buyer and transferring the resulting cash towards the bill payment.
Paid By Coins is then able to extract a small fee for conducting the transaction and is at no point a holder of any cryptocurrency.
Currently the system is able to conduct rapid transactions using Bitcoin, Ethereum, BitcoinCash, Ripple and Litecoin, with the option to expand into other currencies pending customer demand.
Commenting on the transaction Lakeba Group CEO Giuseppe Porcelli said:
“Given the rise and popularity of cryptocurrency globally and the volume of funds being put through various crypto exchanges, we believe that Paid By Coins entered the market at the right time and has grown into a viable, high performing business, with significant growth to come.”
Paid By Coins has been developed by Lakeba into a successful venture inside of 12 months, demonstrating growing demand for the platform.
Mobecom reports that the technology can also be integrated into some of its other offerings, such as the Mulla and airBux platforms, which incorporate loyalty points for crypto-transactions.
Neil Joseph, Mobecom Chief Executive, said the Paid By Coins transactions could potentially generate loyalty points which could then be directly used on the Mulla and airBux technologies.
Mobecom is delighted with securing this dynamic opportunity as this acquisition is in line with our growth strategy. It will help to rapidly advance the business in the digital currency space by providing liquidity for customers with hard to use value such as cryptocurrency,” Mr Joseph said.