Business
Acquisition of Crypto Wallet service provider
Acquisition of Crypto Wallet service provider.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0678C Veltyco Group PLC 17 January 2018 \n\n17 January 2018\n \nVeltyco Group plc\n(\"Veltyco\", the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nAcquisition of Crypto Wallet service provider\n \nVeltyco Group plc (AIM:VLTY), the online marketing company for the gaming industry, is pleased to announce that, further to its announcement of 21 December 2017, it has entered into an agreement to acquire a 51% interest in Varkasso Limited (\"Varkasso\"), a company that has the exclusive rights to use 8Crypt, a software platform providing crypto wallet solutions based on blockchain technology.\n \n8Crypt has been developed by the founder and shareholder of Varkasso, with the aim of providing end users with a broad range of services in relation to their crypto assets from one location, from which they are able to manage, trade (buy, sell, exchange) and accept both traditional and crypto currencies. 8Crypt enables users to connect their crypto wallet directly to both traditional and crypto currencies, seamlessly providing and accepting payments from debit and credit cards and bank transfers for traditional currencies and well-known blockchain platforms such as Bitcoin, Ethereum and LiteCoin for crypto currencies.\n \nVeltyco plans to incorporate 8Crypt's crypto wallet across each of the platforms of Veltyco's various partners, including Veltyco's own site Bet90.com, thereby allowing customers access to each platform from one wallet without having to make separate deposits on each of the individual platforms. Furthermore, once incorporated into its partners' platforms, the Veltyco Board believes that is will enhance the Company's ability to cross-sell the different platforms to its customer base.\n \nVeltyco has agreed to acquire a 51% interest in Varkasso for a total consideration of €300,000 (approximately £265,000) to be satisfied through the issue of 100,000 new Ordinary Shares in Veltyco (\"Consideration Shares\") and a cash consideration of €200,000 (approximately £177,000).\n \nThe Board of Veltyco believes that the acquisition is an important step towards optimising players experience across its partners' platforms, allowing customers the ability to access each platform from one wallet that also has the ability to accept crypto currency t...