Canada-based blockchain technologies developer BTL Group has closed the acquisition all of the issued and outstanding shares of blockchain company Xapcash Technologies.
BTL bought Xapcash’s shares in exchange for its 220,000 common shares.
The two companies have been working together on new blockchain based remittance products using Xapcash’s front-end remittance product and BTL’s back-end remittance platform (Interbit) to transmit funds globally, efficiently and at low costs to users.
Xapcash’s major takeaway from the transaction and the launch of BTL’s blockchain remittance solution is obtaining the money service business (MSB) registration in Canada.
BTL CEO Guy Halford-Thompson said: "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."
Xapcash founder and CEO Jackson Warren said: "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."