FinancialNewsMedia.com News Commentary - Leading crypto payments infrastructure provider, Moonpay just closed a $555 million Series A financing to rapidly accelerate its global footprint, invest in its world-class team, and underwrite an expanding number of innovations in the crypto economy. The funding, which has sent the crypto start-ups' valuation to $3.4 billion marks yet another massive funding in the crypto space. Not only is funding in the space increasing, but crypto is also becoming more mainstream with institutional and even traditional investors embracing the potential of digital assets. As this happens, digital asset plays like Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) (FRA:C0B), SoFi Technologies Inc. (NASDAQ:SOFI), Coinbase (NASDAQ:COIN), Square Inc. (NYSE:SQ), and Mogo (TSX:MOGO) (NASDAQ:MOGO) stand out as valuable investment opportunities for those looking to gain exposure to the cryptocurrency market.
Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) (FRA:C0B) signed an agreement with Wyre, which gives Mobilum access to the US market. Wyre, a fiat-to-crypto and payment infrastructure company provides easy-to-integrate APIS to help developers to make crypto more accessible.
Wyre's blockchain-based solutions have been used across more than 100 countries globally. The company has on-ramped more than 15 million users and processed more than $10 billion in payments.
Through the agreement, Mobilum will integrate with Wyre's automated clearing house (ACH) payment rails. Mobilum will process ACJ transactions through its on- and off-ramping platform.
In addition to collaborating with Wyre, Mobilum has upgraded its on-ramp payment processing platform. The company integrated its on-ramp solution with more than 200 acquirers and banking rules for improved fraud detection and high transaction approval rates.
Wojciech Kaszycki, President commented about the upgrade, "We are very excited about our latest platform upgrade. This will help us combat some of the largest issues facing crypto companies today. We will be able to significantly increase approval rates on transactions, prevent fraud and reduce chargebacks."
Mobilum previously launched an updated Over-the-Counter (OTC) trading desk website designed for high net worth individuals who want to execute large volumes of Bitcoin or other cryptocurrency transactions with more than $50,000.
The OTC site includes features such as fast settlements, a variety of crypto assets, no deposit and withdrawal fees, competitive trading rights, and personalized services to provide customers with a seamless and secure high-volume trading experience. As of October 25, the OTC trading desk website had generated about C$20 million in transaction volume.
Companies Advance into Digital Finance and Cryptocurrency Innovations
SoFi Technologies Inc. (NASDAQ:SOFI) , a digital personal finance platform that allows users to borrow, spend, invest and protect their money, announced a Redemption Fair Market Value of its outstanding warrants. The Redemption Fair Market Value is $22.38. Holders of outstanding warrants who exercise their warrants on a cashless basis will receive 0.361 shares per warrant. The redemption period extends up to 5:00 p.m. New York City Time on December 6, 2021, after which any unexercised warrants will be void and no longer exercisable.
Coinbase (NASDAQ:COIN) had a strong Q3 2021 as highlighted in its shareholder letter. The company saw higher adoption and engagement with its product, not to mention significant innovation during the quarter. The company's subscription revenue grew 41% sequentially to $143 million in Q3 2021, indicating the crypto is moving into the utility phase allowing users to gain yield on their holdings. The company also made significant developments in Q3 including the launch of Coinbase Prime to institutional investors. Coinbase also enhanced the security features on its platform to help users protect their crypto assets.
Square Inc. (NYSE:SQ) released a white paper for a decentralized bitcoin exchange that will allow users to trade bitcoin and fiat currencies. The company's white paper on tbDEX highlights the exchange as a protocol aiming to create ubiquitous and accessible on- and off-ramps to allow individuals to benefit from crypto innovations. The company published the whitepaper on GitHub to allow developers to contribute to the decentralized exchange. The project is led by Mike Brock.
Mogo (TSX:MOGO) (NASDAQ:MOGO) expanded its portfolio of strategic investment with the minority investment in Gemini's US$400 million financing. The company has also invested in Coinsquare, Tetra Trust, Enthusiast Gaming, Eleven Gaming, and Tiidal Gaming, bringing its total investments to $193 million in Q3 2021. In addition to expanding its investments, the company has achieved significant highlights as indicated in its Q3 2021 financial results where the company's user base grew to about 1.8 million. Revenues for the company also accelerated to 58% year over year.
As the popularity of digital assets and cryptocurrencies increases, companies like Mobilum are uniquely positioned to benefit from the market, through the solutions they provide users. These solutions provide a seamless experience for users to trade, exchange, or earn value from their digital assets.
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