A digital currency startup has bought equity in a high-end lingerie company.
TokenPay is a firm based in Switzerland that offers privacy-based cryptocurrency and merchant processing solutions to businesses through blockchain technology. Whereas, the lingerie company is Naked Brand Group, an Australian lingerie brand widely known for selling Heidi Klum’s fashion lingerie.
The details on the purchase for the equity was released when Naked Brand filed with the U.S. Securities and Exchange Commission (SEC).
TokenPay purchased a 6 percent equity stake in the Naked Brand Group, with the purchase being completed for $1.3 million.
Why Did a Merchant Processing Startup Buy Equity in a Lingerie Company?
Equity purchases in traditional companies are slowly gaining traction in the cryptocurrency industry. Most cryptocurrency companies that raised millions of dollars in their initial coin offerings (ICOs) are now looking to diversify their investment portfolio.
The company raised around 2,000 bitcoins in its December 2017 ICO, worth at least $20 million at the time.
TokenPay is utilizing a similar strategy, as a crypto-based merchant processing company that seeks to be relevant in a fiat world, small investments in a top-level growing company may help to increase adoption. But having to purchase equity in a growing company to be relevant indicates that the company may have to improve or modify its offerings to obtain customers for their solutions.
Companies such as Ripple and decentralized projects such as Tron have also conducted acquisitions and investments in a variety of businesses.
What Does TokenPay Do?
In addition to merchant solutions, TokenPay also offers wallet solutions through its websites. Available for Windows, Mac, Linux, Android, iOS, as well as in the form of a Paper wallet, the company deems its wallet solutions as being some of the best solutions available for cryptocurrency users.
The wallets sport some popular security features such as built-in integration of Tor browser, Zero-Knowledge Proofs, and Dual-Key Stealth Addresses. The firm also claims that its wallet transactions go through in about 2 seconds per transaction.
TokenPay also allows rewards its wallet users with TPay coins, as the GPU power form running the wallet application supports the TPay settlement engine.
What Has TokenPay Done So Far ?
TokenPay has previously purchased 9.9% equity in WEG Bank AG, a Swiss banking organization; as well as a 10% equity stake in TokenSuisse AG, a Swiss crypto investment service.
The company is said to have launched their mobile wallets and have signed NDA’s with large companies.
TokenPay has recently lanched eFIN DEX, their decentralized exchange platform. eFIN DEX is currently available on a public testnet.
