THELOGICALINDIAN - Cryex a aggregation that advised to body blockchains for banks is actuality awash off for basal dollar The business started to face difficult bread-and-butter times according to a account piecepublished today in Swedish media The Swedishbased bitcoin barter Safello are affairs in barter for shares no banknote complex according to letters Cryex originally access into the spotlight in 2024 back investors caked 10 millions of dollars account of berry allotment into the company
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The Breakit article elaborated: “Now the aggregation is about to be sold. A auction which is appear to at an acutely low price. Negotiations amid the buyer, Safello, and Cryex began during the summer.”
What was Cryex?
The Cryex founders accustomed the aggregation to body blockchains for banks and agnate offers. They were answerable with award means to facilitate coffer transfers with broadcast balance technology, abundant in the way bitcoin functions. However, their business plan seems to accept collapsed flat. The Breakit account article elaborated:
Lotta Eek, CEO of Cryex, does not appetite to animadversion on the approaching sale. According to the Breakit article, Eek has referred all questions and apropos to Safello’s CEO, Frank Schuil.
Merger of Company’s and Cryex Undervaluation
Cyrex advisers will now accept collective buying over the aggregation afterwards the accord is complete. Safello afresh alleged its shareholders to a affair to actuate if the accretion of Cyrex was the appropriate move for the company.
The all-embracing appraisal of the Blockchain-building close was acutely low. The aggregation is alone account $2.5 actor for the purposes of the sale. However, investors pumped almost $12 actor USD account of SEK into the aggregation at the beginning.
“The appraisal is astonishingly low, according to the base of which Breakit has taken part. It is set at $ 2.5 million, agnate to aloof over SEK 20 million. By comparison, Cryex investors accept pumped a absolute of about SEK 100 actor into the company.”
Nonetheless, both companies accept agreed to chase through with the deal.
Images address of Shutterstock and Cryex
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