Mobilum Technologies Inc. (CSE:MBLM) revealed that it has been granted a second tranche of project financing from one of the major credit card networks for the amount of 35,000 euros.
The company said Mobilum Pay project financing has reached a total amount of 75,000 euros. These funds support the development of Mobilum's branded wallet, Mobilum Pay.
Under the terms of the project financing agreement, the Mobilum Pay wallet will serve to increase credit card usage in Poland.
The current version of the Mobilum Pay wallet is being designed to combine Mobilum's fiat-to-crypto on-ramp solution along with a debit card offering from one of the globe's largest credit card networks.
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Future versions of Mobilum Pay will provide payment accounts in multiple currencies, debit card issuing capabilities as well as money transferring via the network's money-sending channel and more.
The company noted that development of the Mobilum Pay mobile wallet continues to progress, and its official launch remains on track for Q4 of this year.
"The need for better payment solutions has never been greater. Serving companies in crypto to neo banking, Mobilum Technologies continues to work with industry leaders to invest in and develop innovative global payment solutions," said Mobilum Technologies chief executive officer Steven LaBella in a statement.
Mobilum is a technology-driven Digital Service Provider (DSP) with a mission to make digital assets and cryptocurrencies accessible through traditional finance and payment infrastructure and digital asset management technologies, providing solutions for Exchanges, Wallets and Cryptocurrency Businesses, NFTs marketplaces, Protocols, Decentralized Applications and Decentralized Autonomous Organizations, Metaverse and Play-to-Earn games, and Traditional Finance Institutions (Banks, Hedge Funds, Insurance and Fintech companies) opening its doors to digital assets space.
Its goal is to allow consumers around the world to convert fiat-to-crypto and crypto-to-fiat with Mobilum's on-ramp and off-ramp solutions. Mobilum has offices in Canada, Estonia, Lithuania, Poland, and the United States.
Contact the author at jon.hopkins@proactiveinvestors.com