Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Mobecom has acquired a 51 percent interest in AirCrypto
  • AirCrypto works in conjunction with Mobecom’s app airBux
  • Lakeba was offered $1 million from Mobecom to develop the program

Technology company Mobecom has acquired a 51 per cent interest in the cryptocurrency exchange platform, AirCrypto, which was developed by Lakeba. The AirCrypto program was designed to work in conjunction with Mobecom’s own crypto currency program, airBux.

AirCrypto allows users of airBux to transfer sums of crypto currency held elsewhere into their airBux account. From here, users are able to use their airBux crypto currency to purchase goods and services with participating companies.

AirCrypto proposes airBux will lead the way in the prominence of a “new digital lifestyle rewards program”. One airBux is equivalent to one Australian dollar, which is partially gained through interaction with participating merchants.

Mobecom gave Lakeba $1 million to assist them in developing the technology. Conditions of the agreement between Mobecom and Lakeba during the development phase of AirCrypto gave Mobecom the right without obligation to secure a 51 per cent interest in a joint venture.

On the successful completion of AirCrypto Mobecom proceeded with the acquisition and issued Lakeba 9,945,650 shares at $0.101 each.

Mobecom announced a formal agreement on the future running of the joint venture is soon to be entered. It is established that Lakeba will receive 50 per cent of royalties from AirCryptos gross revenue.

Mobecom has 12 months after the launch of AirCrypto to potentially acquire the second half of interests.

MBM by the numbers
More From The Market Herald
IOUpay (ASX:IOU) - Executive Chairman, Aaron Lee

" IOUpay (ASX:IOU) posts ‘strong’ first half of December quarter

IOUpay (IOU) posts a “strong” first half of the December quarter result, over the period from October 1 to November 14.
QuickFee (ASX:QFE) - Managing Director, Bruce Coombes (right)

" QuickFee (ASX:QFE) signs new US$70m loan with Northleaf Capital

QuickFee (QFE) has signed a new US$70 million (A$96.2 million) debt facility with Northleaf Capital.
Resimac Group (ASX:RMC)- Chairman, Warren McLeland

" Resimac Group (ASX:RMC) expecting record home loan settlements for 1H22

Resimac Group (RMC) has given a glimpse of its first-half results for the 2022 Financial Year.

" Ellerston Asian Investments (ASX:EAI) portfolio dips

An actively managed concentrated portfolio of Asia excluding Japan listed companies, Ellerston Asian Investments (EAI), fell 1.78 per cent (net) in October.