TechX Technologies Inc – a Vancouver-headquartered publicly traded firm – is reportedly finalizing a fiat-to-crypto gateway acquisition, which helps reinforcing traditional fiat currencies and emerging crypto assets synergies. 

Specifically, Mobilum – the entity to be acquired –  is reportedly a licensed fiat-to-crypto gateway, catering to exchanges, wallets, liquidity providers and brokers.

The processing capacity of the firm is reportedly a maximum of $250,000 CAD equivalent of transactions daily, which equals approximately $206,000 at current exchange rates.

TechX is reportedly spending $16 million CAD ($13.2 million) to complete the acquisition of Mobilum. 

Peter Green, Head of TechX, reportedly has belief that Mobilum can offer additional features that help accelerate the “mass adoption of cryptocurrency” throughout the globe. 

“The rise in decentralized finance applications is growing rapidly and we expect to soon be a key player in this ever-growing market.”

Decentralized finance (DeFi) is reportedly still the most major talk of the crypto town, with the overall value locked into the ecosystem having surpassed the $121 billion threshold on May 26th. The sphere hit the record-breaking point in May, with a TVL of more than $163 billion.

TechX reportedly carries out strategic acquisitions of emerging fintech firms throughout numerous areas such as cryptocurrency, artificial intelligence and cloud computing. Apart from the fresh acquisition of Mobilum, other companies that are now a part of TechX include Catalyx Exchange and Altsignals.

Wojtek Kaszycki, Head of Mobilum, reportedly claimed that the recent market correction has opened up some freedom for his company to amp up its processing volume, as “investors want to get in on the price dips”.