NEWPORT BEACH, Calif., Jan. 30, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has entered into an agreement to take 19.6% interest in TrustPay USA, Inc. (“TrustPay”), an innovative blockchain-focused FinTech company.
TrustPay is the parent company of TrustPay, JSC, a B2B, B2C, and P2P financial services, merchant services aggregator, and mobile payment company with operations based in Ho Chi Minh City, Vietnam. In partnership with 22 leading national banks, the company develops and markets several software and hardware payments products, including mobile apps, digital gateways, cloud-based POS, QR readers, virtual prepaid VISA cards, and NFC/HCE applications. In the last 5 years, it has focused product development efforts on 2 key blockchain-based financial applications: an AI-driven digital banking platform and a cryptocurrency trading exchange, TrustDex (www.trustdex.io).
The investment agreement follows a successful pilot program of TrustDex in early December 2017 managed by TrustPay and the Company, offering consumers based in the countries of South East Asia improved access to online cryptocurrency trading. The pilot program attracted more than 10,000 trades per day within 3 weeks. As part of the deal, the Company and TrustPay agree on a partnership to expand global and US market presence for TrustDex and to bring innovative digital currency-based financial services to underbanked markets around the world. TrustPay is working on an API integration to Coinbase (www.coinbase.com), one of the world’s biggest exchanges, for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum transactions. It’s also looking to launch its Banking-as-a-Service (BaaS) offering and deliver its unique AI and machine-learning technology to 500,000-strong network of merchants and users.
"Our goal is to build up assets and valuation. Obviously, we are very pleased to add this FinTech investment to our portfolio. With a target regional market of over 640 million people and 2.6 trillion in GDP to start, we expect TrustDex alone to have tremendous financial achievements this year. And with an experienced blockchain engineering team already on-board, we’ll also be able to help accelerate TrustPay’s product launch roadmap for their digital banking platform," stated Tan Tran, CEO of Vemanti Group.
"We’re excited to welcome Vemanti into TrustPay," explains Eric Vuong, Chairman and CEO for TrustPay. "We don’t take on a new investor unless we feel that they also bring a positive impact to our business. Just in a few months of working together, we have come to greatly appreciate the astute approach to business by Vemanti. They are the right investor and partner for the next phase of our growth. The global opportunity within the blockchain-based financial sector broadly has far more potential than we can practically execute ourselves. With Vemanti, we now have the partnership we want and need to scale."
As part of the agreement, the Company will execute an equity exchange for 19.6% percent interest in TrustPay initially with options to increase its stake later. Once finalized, details of the transaction will be included the Company’s filings.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a technology-driven holding company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We plan to grow through acquisition and investment in disruptive and foundational technologies by targeting early-stage businesses that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on early-stage Fintech and E-commerce companies based on blockchain technology. For more information, please follow: http://www.vemanti.com
About TrustPay USA, Inc.
TrustPay USA, Inc. is the parent company of TrustPay, JSC (www.trustpay.vn), a B2B, B2C, and P2P financial services, merchant services aggregator, and mobile payment company with operations based in Ho Chi Minh City, Vietnam which started in 2009. TrustPay, JSC also owns TrustCard (www.trustcard.vn), a digital prepaid VISA/MasterCard card issuer, TrustWorld (www.trustworld.vn), a digital loyalty and group-buying platform, and TrustShop (www.trustshop.vn), an online e-commerce platform. It also has holdings in various fintech startups in Vietnam and with office locations in the UK, Singapore, and Cambodia. In partnership with 22 national banks, the company markets several software and hardware payments products. It’s currently focusing on blockchain and cryptocurrency applications.
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