TechX acquires crypto-to-fiat gateway Mobilum for $13.2M

TechX Technologies Inc., a publicly traded company out of Vancouver, is in the process of acquiring a fiat-to-crypto gateway Mobilum.

TechX acquires crypto-to-fiat gateway Mobilum for $13.2M

Mobilum 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.

The tech-giant TechX is paying $16 million CAD, or $13.2 million to acquire Mobilum.

The CEO of TechX, Peter Green believes Mobilium’s technology can speed up the mass adoption of cryptocurrency worldwide. He said, "The rise in decentralized finance applications is growing rapidly and we expect to soon be a key player in this ever-growing market."

The DeFi remains one of the hottest trends in the crypto market, with total value locked into the ecosystem exceeding $121 billion as of now, which has soared to a record $163 billion.

Wojtek Kaszycki, CEO of Mobilum, stated that recent market correction has allowed his firm to increase its processing volume “because investors want to get in on the price dips.”

The Canadian technology company, TechX is conducting strategic acquisitions of emerging fintech companies at the intersection of cryptocurrency, artificial intelligence, and cloud computing. Along with newly acquired  Mobilum, the TechX portfolio includes Catalyx Exchange, Altsignals, and several other companies.

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.