Diamond Lake Minerals Inc (OTC:DLMI) investee Avrio Worldwide has announced the acquisition of the HUMBL Financial brand, products, and services.
Diamond Lake Minerals earlier this month acquired a 24% stake in Avrio, the parent company of several businesses that deliver licensed digital financial market infrastructure and services across public, private, and digital markets.
Through the acquisition announced Thursday, Avrio will issue HUMBL Financial branded products and services, including its BLOCK ETXs and BLOCK Indexes, into consumer markets through digital wallets and web trading platforms.
They may also be issued through banking partners, credit card partners, mortgage partners, lending partners, and more.
"Avrio's acquisition of HUMBL Financial and its strategic partnership with HUMBL offers the Diamond Lake Minerals network of companies and projects a retail channel to distribute their tokenized assets and digital products on Avrio registered platforms,” Diamond Lake Minerals CEO Brian J. Esposito told Proactive.
“The HUMBL Wallet offers a secure Web3 digital asset ecosystem for digital: assets, records, merchandise, collectibles, tickets, payments, and more, and is being used by businesses like the Santa Cruz County and the Arena Football League."
HUMBL CEO Brian Foote added: “We believe HUMBL Financial can scale rapidly when provided with access to the right global trading markets, technology infrastructure and licenses available through Avrio and its ecosystem.”
With the agreement, HUMBL has acquired the equivalent of US$5 million in Avrio shares, representing a 10% stake in the company.
It will also receive a revenue share of 2.5% on all HUMBL Financial branded products or services for the lesser of five years or Avrio going public. Finally, HUMBL CEO Foote will receive a boat seat with Avrio.
Diamond Lake Minerals is a multi-strategy operating company that specializes in the development and support of digital assets and SEC-registered tokens.