NextPlay Technologies to Acquire Token IQ Crypto Technology to Improve Fintech and ICO Portal Offerings
NextPlay Technologies agrees to acquire crypto technology from Token IQ to strengthen Fintech and ICO Portal Offerings.
FREMONT, CA: NextPlay Technologies Inc., a digital business ecosystem for digital advertising, consumers, video gamers, and travelers, has entered into a formal agreement to acquire all of the assets of Token IQ, a pioneer in digital asset management with its innovative compliance token technology. Token IQ possesses several unique capabilities, but its most distinguishing features are its ability to provide cryptocurrency owners with a means of replacing their assets if they lose access to or control of them, as well as its handling of "Know Your Customer" (KYC) issues, which satisfies several critical regulatory requirements. Not content with licensing the IP, NextPlay intends to incorporate the service within its wholly-owned bank, NextBank International, to better serve its bitcoin customers.
Mark Vange, CTO of NextPlay and founder and CEO of Token IQ, states, "Token IQ was built upon the early recognition that many digital assets may in the future be treated as securities. I'm excited that we can now make Token IQ part of NextPlay, given the many synergies that have developed around digital asset management across NextPlay's ecosystem."
One of the biggest concerns with cryptocurrency investing is the existential custody risk associated with the loss of passwords or wallet seeds, which results in an inability to access funds. A crucial purpose of Token IQ is to enable issuers to manage this risk across public distributed ledgers – a critical solution for any cryptocurrency owner and one that we think will serve as the foundation for all of our NextBank and Longroot coin offerings. Additionally, this patent-pending solution enables issuers to manage the flow of tokens. The Token IQ system can be highly beneficial in enforcing "Know Your Customer" (KYC) and other regulatory standards, a susceptible subject on which authorities worldwide are increasingly focused. Additionally, the platform allows vesting, lockups, and asset freezing, which can help improve market making and liquidity while mitigating risks associated with custodianship, inheritance, and other legal situations involving proper asset disposition. NextPlay Technologies, Inc. wants to pursue patent protection for this patented technology in essential markets worldwide.
Token IQ's fundamental IP is intended to unify legal and regulatory obligations around digital assets, including Know Your Customer (KYC), anti-money laundering (AML), and shareholder rights enforcement, all of which are now causing pain in the crypto markets. It is meant to operate on distributed ledgers such as Ethereum and Stellar.
NextPlay co-Chairman, J. Todd Bonner says, "We see Token IQ technology becoming core to all our fintech-related activities, from Longroot's cryptocurrency portal and HotPlay's in-game tokens, to powering our NextBank fintech and planned NextTrip medical tourism offerings. We also expect the Token IQ acquisition to bring valuable technology and software development talent which is expected to support rapid integration with our platform and those of our partners, as well as further IP development."