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TechFinancials sells two subsidiaries for US$400,000

TechFinancials Inc (LON:TECH), provider of trading platforms to brokerages, to sell its holdings in B O TradeFinancials and MarketFinancials for US$400,000. The holdings, which are no longer considered to be core parts of TechFinancials’ business, are being purchased by S Win Holdings.

picture of trading board mentioning Ethereum and Bitcoin
Divestment paves the way for TechFinancial to focus on solutions for blocKchain based industry

SEO Headline: TechFinancials Inc offloads B.O. TradeFinancials and MarketFinancials for US$400,000 and reiterates commitment to serve blockchain sector

Title to Show on Home Page: TechFinancials sells two subsidiaries for US$400,000

TechFinancials Inc (LON:TECH), the provider of trading platforms to brokerages, is to sell its holdings in B O TradeFinancials and MarketFinancials for US$400,000.

The holdings, which are no longer considered to be core parts of TechFinancials’ business, are being purchased by S Win Holdings.

B O TradeFinancials (BOT) is licensed by the Cyprus Securities and Exchange Commission, and is the operator of the group's OptionFair trading platform.

MarketFinancials provides market making services to BOT.

The group’s future business strategy will see it use its experience and expertise on developing its foreign exchange and certificates for deposit (CFD) solutions, which in future will incorporate solutions for the fast-growing blockchain-based sector.

Talking of the latter, the group has been developing technology to integrate the crypto-payment processing of Bitcoin, BitcoinCash and Etherium into TechFinancials' core systems, and expects these developments to be implemented in the first quarter of 2018.

Additionally, the group will continue to apply its technology and knowledge to support the innovative CEDEX project that intends to use blockchain technology to revolutionise the diamond-trading market.

READ TechFinancials to provide funding for blockchain-based diamond exchange

READ Techfinancials looks to diversify as regulators scrutinise binary trades

"As a consequence of the regulatory changes which have impacted the binary options sector, these subsidiary holdings have become non-core to future business growth strategy,” said Asaf Lahav, chief executive of TechFinancials.

“The company intends to use its expertise to develop its Forex and CFD solutions and target the rapidly growing blockchain-based products and technologies market, and will use the proceeds of the sale to help build its presence in these new areas," he added.

Shares in TechFinancials rose 11.1% to 7.5p on the news.

 

Quick facts: TechFinancials, Inc.

Price: 0.9 GBX

AIM:TECH
Market: AIM
Market Cap: £771.13 k
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