Blockchain technology developer, BTL Group Ltd. has announced that it has completed its previously announced acquisition of blockchain company, Xapcash Technologies Inc., who develop front-end remittance platforms for money transfer. BTL acquired all of the issued and outstanding common shares of Xapcash in exchange for 220,000 common shares of BTL.
Guy Halford-Thompson, CEO of BTL, commented: “The completion of this acquisition marks a strategic milestone for BTL and the addition of the Xapcash management and blockchain expertise are a perfect complement to the BTL team. The Xapcash platform will change the way consumers and businesses send money abroad, and allow BTL to penetrate the global remittance market with our blockchain solutions and start building revenues and margin.”
BTL and Xapcash have been working together on new blockchain based remittance products utilizing Xapcash’s front-end remittance product and BTL’s back-end remittance platform, Interbit, to transmit funds globally, with the efficiently and significantly reduced costs that the technology brings. Of particular importance to the acquisition and the launch of BTL’s blockchain remittance solution is the money service business (MSB) registration that Xapcash has obtained in Canada.
Xapcash founder and CEO, Jackson Warren remarked: “BTL’s acquisition of Xapcash will help build a future where smooth, secure, and efficient global money transfers are a reality for individuals and businesses worldwide. I believe 2016 is the year that the world will get a real taste of what blockchain technology has to offer, and that BTL will play a significant role in leveraging this new technology to eliminate inefficiencies in remittance, gaming, and regulation.”