On Thursday (22nd February 2018) Digital money platform Uphold has made the announcement that they have bought a mobile commerce start-up Cortex MCP. The deal will see the company which was previously known as Bitreserve – acquiring Cortex intellectual property holdings and adding its Founder Shaunt Sarkissian to the Uphold payments unit.
The goal behind the Uphold’s this decision is to apply Cortex’s mobile wallet technology to its online services, together with the use of those resources to develop tools for paying in both cryptocurrency & government-issued currency.
The agreement also adds to Uphold’s expansion plans. During the Cortex acquisition, Uphold stated that it will support “a new closed-loop payment platform growth with a focus on South America and Central America
Uphold’s Chief Operating Officer William Dennings gave the statement:
“CORTEX’S MOBILE-CENTRIC, CLOSED-LOOP PAYMENT AND SAFE TOKENIZATION SOLUTION PROVIDE INDUSTRY-LEADING TECHNOLOGIES & SECURITY TO OUR PLATFORM. IT ALSO BRINGS NEW COMMERCIAL OFFERINGS & OPPORTUNITIES TO OUR ENTERPRISE DIVISION, UPHOLD SOLUTIONS.”
This move comes roughly a month after when Digital money platform Uphold made an announcement on 25th January 2018 that they have received a $57.5 million investment from former Ripple Executive Greg Kidd.
Part of those funds would support Upholds loss assurance program, which is planned to shield investors from losses due to cryptocurrency instability or other asset issues.
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.