Canadian publicly listed company, Hello Pal has announced the acquisition of crypto mining firm Crypto Pal. The announcement was made in a press release with Hello Pal offering more details about the purchase.
First Listed Company with Exposure to Dogecoin
Hello Pal acquired 51% of Crypto Pal for 3.5 million CAD consisting of 1.5 million CAD in cash and 1,800,000 in shares based on Dogecoin valuation of $0.055. The acquisition of Crypto Pal makes it the first listed company with primary exposure to Dogecoin.
The report also stated that the increased access to cryptocurrency would accelerate Hello Pal user base and Livestream revenues. Crypto Pal is a crypto mining firm with 12,500 mining rigs that actively mine Dogecoin and Litecoin.
The mining rigs are hosted across different locations to diversify risk and leverage different electricity cost variations globally. With the acquisition, Hello Pal believes that Dogecoin will be seen as an alternative to Bitcoin due to its lower price and lower mining requirements.
The software company also intends to update its platform and integrate crypto payment within its ecosystem. Hello Pal anticipates that the introduction of cryptocurrency will accelerate the use of its live-streaming services outside of China.
Speaking on the development Hello Pal founder and CEO KL Wong state.
“Our acquisition of Crypto Pal is the next step in bringing the world closer together and promoting social tolerance. Dogecoin, often referred to as “the people’s coin”, is being rapidly accepted and adopted internationally. We anticipate gains to our userbase and live streaming services from the integration of Dogecoin.”
He also added that acquiring Crypto Pal was part of the company’s future goals. “By acquiring Crypto Pal at a minimal price, we are able to focus our strong cash position to implement our vision for Hello Pal’s suite of complementary apps as well as carry out strategic acquisitions,” he concluded.
Crypto Adoption Continues to Gain Pace
Crypto adoption has continued to grow in recent months as more traditional companies are looking to become major stakeholders in the industry.PayPal, Visa, and Mastercard are examples of companies that have begun to offer crypto-related services.
One way is by purchasing existing crypto-related companies. The acquisition of Crypto Pal by Hello Pal is another case, and this trend shows no signs of slowing down.