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In another move designed to expand its portfolio of companies, TechFinancials bought a blockchain-based ticketing service.
The company recently announced it as it tries to enter further into the blockchain space. The acquisition follows the purchase of the CEDEX diamond exchange, where it has a 92% share.
TechFinancials it is buying more and more companies with prospects for next-generation technology. Footies is a ticketing service that uses blockchain as a platform for the sale and distribution of tickets.
TechFinancials intends to rename the company in NewCo and focus on the further development of its blockchain-based ticketing technology, with the hope of creating a more efficient and efficient ticketing process. In addition, it intends to improve the management of the event economy for sports teams and venues.
TechFinancials is increasingly focusing on creating a more diverse portfolio of small and medium-sized businesses that are facing real-world problems through the use of modern technology.
The first phase of development after the acquisition is the creation of a structure that will help sports organizations to manage and control in full how they sell and distribute their tickets. This will probably include location technology that will also target secondary ticket outlets.
To make it become a reality, the company brings on board Ian Are, former CEO of Liverpool FC, as president of the new company. NewCo's technology combined with TechFinancials' blockchain infrastructure will help improve the company's chances of success in the new venture.
Possible problems?
The secondary ticket market is often mature with speculation, which feeds exorbitant ticket prices. As a result, many fans and potential participants can not participate in these events. This is not good for clubs, teams and their fans. NewCo's mission is to help reduce these prices by offering fair treatment to all parties.
"There is a great demand to revolutionize the secondary market of ticketing in the sports sector to make it completely transparent and to ensure that a fairer deal is ensured both for offices and for customers".
Ian Ayre said.
He went on to say that scalping and ticket arbitrage was not of great benefit to fans and teams, and he hopes the NewCo solution can help bring some health and order back to the secondary ticketing markets.
Terms of purchase
The acquisition by TechFinancials makes it the majority shareholder of the new company. According to the agreements, TechFinancials will hold 75%, while Footies will hold 25% of NewCo.
The new agreement between the two companies involves TechFinancials which provides capital to the new company, up to a maximum of $ 500,000. This will be used by NewCo to help develop a working prototype that will be tested on the football team in Europe. This will help to demonstrate the feasibility of the concept or its lack.
TechFinancials will also support NewCo with its blockchain infrastructure at no cost, through a license agreement reached during the agreement.
According to Asaf Lahav, CEO of TechFinancials,
"TechFinancials uses blockchain technology, tokenization and smart contracts to make trading and the exchange of" real assets "easier, cheaper and more accessible … With the Footies platform built on the company's pioneering proprietary blockchain infrastructure, we aim to stop the broken sports tickets market and bring power back to places, clubs and fans "
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