OBITX Acquires Render Payment for $1.2 Million
OBITX, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today that it has settled the debt owed to the Company in exchange for the ownership of Render Payment, LLC. The Company gains $400,000 in assets and approximately $800,000 in intellectual property rights. Over the past four years Render Payment has averaged $1.6M in revenue with $600,000 in net profit through the buying and selling of cryptocurrencies. OBITX intends to repurpose the use of Render Payment’s intellectual property, specifically its developed and functional software application utilizing the blockchain. Render Payment was originally designed to act as a third-party payment collaborator bridging the gap between FIAT currency and cryptocurrencies. OBITX intends to utilize portions of the protocols established with the proprietary software in the development of a blockchain certificate of deposit and rewards program it intends to launch in the near future.
Eric Jaffe, OBITX CEO stated, “It’s always a good thing when you can clean up historical issues and it has a positive effect on the future. The settlement of an outstanding receivable that was written off years ago shortens the length of time to complete the development of our anticipated new product line, a rewards program based in the use of blockchain technology.”
OBITX will not carry the intellectual property value on its books. The purpose of the acquisition was to gain access to specific code developed by industry experts that would reduce the time to market for key software developments in research and development. Mr Adams, the Company’s CTO went on to state, “We will be dissecting the software developed by Render Payment where we will utilize elements of its innovative coding in a new product we are developing and looking to roll out during the second quarter this year. We intend to file for patent protection before the release of the product to the general public.”
Contact: Eric Jaffe
Headquartered in Fleming Island, Florida, OBITX, Inc., (OTCMKTS: OBTX) is a consulting and services organization specializing in blockchain technologies and decentralized processing.
Forward Looking Statements
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