TechX Acquires Fiat-to-Crypto Gateway Platform For $5.0 Million

TechX Technologies Inc. (CSE: TECX) announced this morning that it has acquired a 100% interest in fiat-to-crypto merchant services gateway solution XPort Digital Limited. The acquisition, announced by the company on March 2, 2021, is priced at $5.0 million.

XPort Digital is focused on gateway solutions, including fiat to crypto purchasing, DeFi swaps, wallet hosting, and more. Under the terms of the purchase agreement, XPort agreed to sell all of its 5,252,100 common shares at a deemed value of $0.952 per share, resulting in a total purchase price of $5.0 million. 

TechX CEO Peter Green shared that the lack of fiat to crypto on-ramping services is “a great opportunity for Xport and TechX”. In the company’s announcement last March, Green said that “Xport also has the ability to offer low-risk payment processing to high-risk businesses like crypto, cannabis, subscription services, and nutraceuticals.” 

Following the acquisition, Aaron Carter will remain the CEO of XPort Digital.

TechX Technologies Inc. last traded at $1.10 on the CSE.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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