Uphold said the acquisition will enable Uphold to strengthen its digital money platform with secure payment applications, leveraging Cortexs mobile wallet technology.
This acquisition follows Upholds announcement of a USD 57.5 million partnership with former Ripple executive, Greg Kidd, to increase the companys connectivity to financial systems.
Uphold will also acquire Cortexs patent portfolio and immediately start work on new IP solutions with an emphasis on authentication, tokenization, and blockchain-centric products, according to the release. These products will enable Uphold to further extend its market leadership in expanding new innovative services in payment, acceptance, and identification for both the rapidly growing Uphold user base and merchants worldwide.
Specifically, the acquisition will enable a new Uphold payments capability that leverages both crypto and FIAT assets; a new closed-loop payment platform expansion, leveraging Upholds remittance and transfer capabilities in Mexico, Latin America, and beyond; new digital ID/authentication capabilities and services; additional security solutions that further secure Uphold members accounts; Cortexs founder, Shaunt Sarkissian, will head up Upholds payments team.
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