Stockholm IT Ventures AB STOCKHOLM IT VENTURES AB ACQUIRES WYRIFY FROM CONSORTIUM OF STAKEHOLDERS LED BY NXCHAIN INC
Public disclosure of inside information according to article 17 MAR
Nacka Strand (pta034/28.09.2017/20:00) - 28 September 2017
Stockholm IT Ventures AB (SITV) have completed the purchase of
the Wyrify 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 October 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 October 2017 with a range of partners. Wyrify utilizes a superfast 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.
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 October 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% part of the revenue of the platform for five years. Wyrify and Stockholm IT Ventures AB targets raising USD200 million in the Wyrify ICO.
"Customers can pay instantly with a wide range of digital currencies, if
they have 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 world
wide, since the beacons used at POS are low cost and installs in
seconds. We allow for micro transactions, 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