Stockholm IT Ventures AB Acquires Wyrify From Consortium of Stakeholders Led by NXChain Inc.
LOS ANGELES, September 29, 2017 (Newswire.com) - Stockholm IT Ventures AB (SITV) have completed the purchase the Wyrtify blockchain payment technology for 3 million Euros in an all-share deal from a consortium of stakeholders led by NXChain Inc. The purchase has been made prior to the launch of the Wyrify ICO which is scheduled for the 6th of Oct. 2017.
Stockholm IT Ventures AB, listed on Börse Frankfurt (SVAB), have concluded the asset purchase transaction of the Wyrify Blockchain Payment Technology from a consortium of stakeholders led by NXChain, Inc, a company listed on the QB list on the OTC Markets Exchange in New York (NXCN.QB). The purchase was concluded ahead of the release of the Wyrify ICO, scheduled for the 6th to the 14th of Oct. 2017 with a range of partners. Wyrify utilizes a super-fast blockchain transaction layer to interface all integrated digital/crypto and fiat currencies at merchant transaction Point-of-Sales level, already having gone through development and pilot testing, ready for release with contracted customers in several markets.
We keep exchange fees at a minimum, and merchant fees at a minimum. The hardware we aim to give for free to merchants worldwide since the beacons used at POS are low cost and installs in seconds. We allow for microtransactions, thereby reaching the world population with smart/feature phones and not only those with credit cards. Merchants get fixed prices, zero volatility, zero chargebacks and instant full settlements. We expect this to become a game-changer for the POS terminal industry and possibly also the payment card industry.
Henrik Onarheim, Wyrify founder
The technology uses beacons to replace other POS equipment and a combination of apps and aligned technologies (NFC/Bluetooth) for instant payment facilitation. The Wyrify system has speeds similar to other systems used today, but at a fraction of the cost. The system has been in R&D since 2013, and has been tested with pilot customers since 2015. There are several customers moving from pilot testing to full operational status, including Macau Junket operations, through the Wyrify partnership with WI Holding in Asia. This partnership is expected to be major revenue driver in the Asia Pacific region for the combined company.
Wyrify is launching its own ICO on the 6th of Oct.2017 in collaboration with its Asian partners, on the Ethereum blockchain. It is anticipated to be the first ICO in history concluded by a listed company, giving token holders a 30 percent part of the revenue of the platform for five years. Wyrify and Stockholm IT Ventures AB targets raising $200 million in the Wyrify ICO.
Statements:
"Customers can pay instantly with a wide range of digital currencies, if they have a sufficient number of coins in their wallet on our platform. We settle instantly and lock a matching number of the selected coin(s) in the customer wallet, following standard longer settlement procedures for bitcoin or other digital currencies to settle against the carrier currency with zero volatility. We keep exchange fees at a minimum, and merchant fees at a minimum. The hardware we aim to give for free to merchants worldwide, since the beacons used at POS are low cost and installs in seconds. We allow for microtransactions, thereby reaching the world population with smart/feature phones and not only those with credit cards. Merchants get fixed prices, zero volatility, zero chargebacks and instant full settlements. We expect this to become a game-changer for the POS terminal industry and possibly also the payment card industry." -Henrik Onarheim, Wyrify founder.
"We're integrating Wyrify with regular banking, so users will be able to pay their bills and arrange lending in fiat (normal) currencies. Through this, customers will have all their banking needs covered through the Wyrify platform. We can even furnish Wyrify users with Debit- and Credit cards to use where there are not yet Wyrify payment beacons in stores." -Chakrit Ahmad, CEO of Expay Group (an integrated component of the Wyrify platform)
“We have been a key part of the Wyrify development with our core technology platforms based on digital currencies and mobile phone apps, and will continue a close working relationship with Wyrify as an important part of our services platform. We have strived not to focus on hardware development ourselves, despite the exceptionally important place hardware has in our service suite, and are very pleased to see this taken care of on a highly professional level by Wyrify." -Sean Tabatabai, CEO of NXChain, Inc. (NXCN.QB, New York).
"I was shocked when I understood the potential of Wyrify, experiencing the technology live and speaking to pilot customers. This is so much more than just a payment platform; this is the beginning of a paradigm shift. This targets the whole world, solving a long list of payment transaction problems, giving merchant access to free digital payment tools. I expect Stockholm IT Ventures AB to benefit greatly from acquiring the Wyrify platform, continuing the long-running relationship with NXChain in the U.S. markets and our Asian partners." -Wayne Lochner, Chairman of Stockholm IT Ventures AB.
Stockholm IT Ventures AB has moved out of a recent restructuring arrangement, as the new board have concluded a review of the business and established the focus of the business moving forward. As a result of this review, the board has invited Anthony Norman to rejoin the company as Group CEO.
“We are delighted to have Anthony rejoin us. He has been very much at the heart and soul of the business and guided it through some difficult times in the past. We are sure that Anthony will assist the board in guiding the company through what we feel are very exciting times ahead.” -Wayne Lochner, Chairman of Stockholm IT Ventures AB.
As a consequence of the transaction, Stockholm IT Ventures will propose to its members at the next General Meeting to change its name to Wyrify, and may change its ticker code to fully align with its new branding and purpose. Current lines of business may either be continued or sold as a result of the transaction.
Stockholm / New York / California, 28 Sept. 2017
Stockholm IT Ventures AB / NXChain, Inc. / Wyrify team
Source: NXChain Inc