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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