LONDON and AMSTERDAM, Sept. 21, 2022 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) (“Blockmate” or the “Company”) announces that its wholly owned subsidiary Midpoint & Transfer Ltd has commenced beta testing of a new mobile app developed to provide peer-to-peer foreign exchange (FX) services.
Midpoint Holdings commenced an internal restructure in March 2022 following its acquisition of Blockchain World Ltd. Following that acquisition, the Company was re-named Blockmate Ventures Inc while the Midpoint FX business continued operations and commenced a digital transformation strategy, starting with a business rebrand and the development of a mobile app.
Development of the app has now progressed to beta testing where the app provides all services previously offered on the browser-based Midpoint platform, with a more dynamic interface designed for users that primarily use mobile devices for their financial services.
As of August 2022, mobile internet traffic accounted for 59.4% of all global internet traffic which is more than 5x the size in 2012 when accounting for just 10.88% of global internet traffic and 2.94% in 2010 when Midpoint was first launched.
Dom Carosa, CEO & President of Blockmate, commented, “The impending launch of our Midpoint FX app marks a step change in the direction of Midpoint by leveraging its existing assets to open new revenue opportunities. The new app will offer peer-to-peer FX services with a more customer-friendly interface as well as provide a platform for growth where we can add new currency pairings in the future, potentially beyond fiat currency.”
Midpoint holds a FCA UK-based Payment Service Provider (PSP) License, enabling the business to offer its FX services where funds are 100% secured and authorised by a Tier 1 UK Bank.
According to a recent survey compiled by the Foreign Exchange Joint Standing Committee (FXJSC), the average daily reported UK FX turnover reached a record high of USD $3.27 billion in April 2022 which was 11.1% higher than the $2.94 billion in April 2021.
Screenshots of the new mobile app in beta testing:
Investors can learn more about Blockmate and Midpoint from the recording of an investor briefing held on June 2nd, 2022 here: https://www.blockmate.com/videos
Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at: https://www.blockmate.com/subscribe
About Blockmate Ventures Inc.
Blockmate Ventures is a Web3 incubator/venture creator focussing on businesses that utilise blockchain technology and decentralization to provide greater utility, accessibility and sustainability around everyday services. Working with prospective Founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations, digital assets, and advisory to accelerate the incubation of projects towards monetization.
The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era and view Web3 technology as the vehicle for a democratised future. Learn more about being a Blockmate at: www.blockmate.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dom Carosa (CEO & President)
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