NextPlay Tech Enters Into Agreement To Acquire Crypto Tech From Token IQ To Enhance Fintech And ICO Portal Offerings


SUNRISE, FL, Aug 25, 2021 – (ACN Newswire) – via
NewMediaWire – NextPlay Technologies, Inc. (Nasdaq: NXTP), a
digital business ecosystem for digital advertisers,
consumers, video gamers and travelers, has entered into a
definitive agreement to acquire 100% of the assets of Token
IQ, a leading innovator in digital asset management with its
smart compliant token technology. Token IQ has many unique
capabilities, but its greatest attributes are its ability to
afford cryptocurrency owners a solution to replace their
assets should they lose access to, or control of, their
assets and its handling of “Know Your Customer” (KYC) issues
— solving many key regulatory requirements. NextPlay will
not only look to license the IP, but also plans to integrate
the service into its wholly owned Bank — NextBank
International to better serve its cryptocurrency
customers.

Mark Vange, CTO of NextPlay and founder and
CEO of Token IQ, stated, “Token IQ was built upon the early
recognition that many digital assets may in the future be
treated as securities. I’m excited that we can now make
Token IQ part of NextPlay, given the many synergies that
have developed around digital asset management across
NextPlay’s ecosystem.”

One of the primary issues
associated with crypto investing is the existential custody
risk associated with the loss of passwords or wallet seeds,
resulting in the inability to access assets. A critical
function of Token IQ is the ability to allow issuers to
manage this risk across public distributed ledgers — a key
solution needed by any cryptocurrency owner, and a
technology that we anticipate will become a cornerstone for
all of our NextBank and Longroot coin offerings. This
patent-pending technology also allows issuers to control the
flow of tokens. The Token IQ technology can be invaluable in
the enforcement of “Know Your Customer” (KYC) and other
regulatory requirements which is a sensitive area that
regulators around the world are increasingly focused on. The
platform also supports vesting, lockups and asset freezing,
which can enhance market making and liquidity while also
reducing risks around custodianship, inheritance, and other
legal circumstances related to proper asset disposition. We
plan to pursue patents for this proprietary technology in
key markets around the world.

The Token IQ
foundational IP is designed to reconcile legal and
regulatory requirements around digital assets, including
KYC, Anti-money laundering (AML) and shareholder rights
enforcement, all common pain points within the crypto
markets today. It has been designed to do so across a
distributed ledger, including Ethereum and
Stellar.

According to NextPlay co-Chairman, J. Todd
Bonner: “We see Token IQ technology becoming core to all our
fintech-related activities, from Longroot’s cryptocurrency
portal and HotPlay’s in-game tokens, to powering our
NextBank fintech and planned NextTrip medical tourism
offerings. We also expect the Token IQ acquisition to bring
valuable technology and software development talent which is
expected to support rapid integration with our platform and
those of our partners, as well as further IP
development.”

To learn more about Token IQ, visit tokeniq.io.

The
acquisition of Token IQ is subject to certain closing
conditions, including the approval of NextPlay’s
shareholders. Future details of the acquisition can be found
in NextPlay’s Form 8-K filing with the U.S. Securities and
Exchange Commission, available at www.sec.gov
or the investor relations section at
NextPlayTechnologies.com.

About NextPlay
Technologies

NextPlay Technologies, Inc. (Nasdaq:
NXTP) is a technology solutions company offering games,
in-game advertising, crypto-banking, connected TV and travel
booking services to consumers and corporations within a
growing worldwide digital ecosystem. NextPlay’s engaging
products and services utilize innovative AdTech, Artificial
Intelligence and Fintech solutions to leverage the strengths
and channels of our existing and acquired technologies. For
more information about NextPlay Technologies, visit nextplaytechnologies.com
and follow us on Twitter @NextPlayTech and
LinkedIn.

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