TechX Technologies Inc., a publicly traded company out of Vancouver, Canada, is in the process of acquiring a fiat-to-crypto gateway that it says will help strengthen synergies between traditional fiat currencies and emerging crypto assets.
Mobilium, the acquisition target, is a licensed fiat-to-crypto gateway for exchanges, wallets, liquidity providers and brokers. The company processes up to $250,000 CAD worth of transactions each day, which is equivalent to roughly $206,000 at current exchange rates.
To acquire Mobilium, TechX is paying $16 million CAD, or $13.2 million.
Peter Green, CEO of TechX, believes Mobilium’s technology can “speed up the mass adoption of cryptocurrency worldwide, adding:
“The rise in decentralized finance applications is growing rapidly and we expect to soon be a key player in this ever-growing market.”
DeFi, or decentralized finance, remains one of the hottest trends in the cryptocurrency market, with total value locked into the ecosystem exceeding $121 billion at the time of publication. As Cointelegraph recently reported, the industry peaked in May with a TVL of over $163 billion.
TechX conducts strategic acquisitions of emerging fintech companies at the intersection of cryptocurrency, artificial intelligence and cloud computing. In addition to the newly acquired Mobilum, the TechX portfolio includes several companies, including Catalyx Exchange and Altsignals.
Wojtek Kaszycki, CEO of Mobilum, said the recent market correction has allowed his firm to increase its processing volume “because investors want to get in on the price dips.”
The cryptocurrency market tanked by $1 trillion over a ten-day stretch earlier this month but appears to be in the process of recovery as signs of extreme bearishness begin to fade.