TechX Technologies, which specialises in crypto, blockchain, AI and cloud technologies, has acquired a 100% interest in XPort Digital in a stock deal valued at $4.06m (C$5m).

Under the agreement, shareholder of XPort will sell all of the shares issued and outstanding in XPort in consideration of the issuance of 5,252,100, with each share valued at $0.952.

XPort is a merchant services fiat-to-crypto gateway solution offering credit card processing for cryptocurrency exchanges, wallets and other cryptocurrency businesses.

The company’s credit card processing solution is claimed to offer real-time competitive cryptocurrency pricing and minimal transaction fees.

It enables merchants to process credit card transactions instantly by providing a plug-and-play customisable widget on its fiat-to-crypto on ramping service.

XPort CEO Aaron Carter, who has an extensive background in the financial industry, will remain in his current role and continue to lead the firm.

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Commenting on the deal, Carter said: “I’m excited to join the TechX team and look forward to building a solid and profitable business. Merchants, exchanges and other cryptocurrency businesses can connect their cryptocurrencies to the platform and embed our white-label widget in their platform and be up and running within a few days.”

TechX CEO Peter Green added: “We are beyond excited to announce the acquisition of XPort Digital. With the explosion of exchanges and new tokens popping up daily and the lack of fiat to crypto on-ramping services, it’s a great opportunity for Xport and TechX.”

Last month, Canadian fintech platform and certified credit card issuer Brim Financial raked in $25m in a Series B financing round to fast-track the rollout of a full suite of digital payment products.