LONDON & 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 started beta testing a new mobile app designed to provide peer to peer foreign exchange (FX) services.
Midpoint Holdings started in March 2022 after acquiring Blockchain World Ltd. with an internal restructuring. Following this acquisition, the company was renamed Blockmate Ventures Inc. while the Midpoint FX business continued operations and began a digital transformation strategy beginning with a company rebrand and mobile app development.
The development of the app has now moved into beta testing, where the app provides all the services previously offered on the browser-based Midpoint platform with a more dynamic user interface designed for users who mainly use mobile devices for their financial services use.
In August 2022, mobile internet traffic accounted for 59.4% of total global internet traffic, which is more than five times what it was in 2012, while it accounted for only 10.88% of global internet traffic and 2.94% in 2010 when Midpoint was first launched.
Dom Carosa, Blockmate CEO and President, commented, “The upcoming launch of our Midpoint FX app marks a step forward in Midpoint’s journey by leveraging its existing assets to unlock new revenue opportunities. The new app will offer peer-to-peer FX services with a more customer-friendly interface and provide a growth platform where we can add new currency pairs in the future, potentially beyond fiat currency.”
Midpoint holds a UK based Payment Service Provider (PSP) FCA license which allows the company to offer its foreign exchange services with funds 100% secured and authorized by a Tier 1 bank in the UK.
According to a recent survey compiled by the Foreign Exchange Joint Standing Committee (FXJSC), the average daily reported UK foreign exchange turnover hit a record high of $3.27 billion in April 2022, up 11.1% from the $2.94 billion in April April 2021 lay.
Screenshots of the new mobile app in beta test:
Investors can learn more about Blockmate and Midpoint from a recap of an investor briefing dated June 2, 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 focused on companies using blockchain technology and decentralization to provide more utility, accessibility and sustainability around everyday services. By collaborating with potential founders, incubation projects can benefit from the Blockmate ecosystem, which offers technologies, services, integrations, digital assets and consulting to accelerate the incubation of projects towards monetization.
The Blockmate Ventures executive team has founded successful technology companies from the dot-com era to the social media era and sees Web3 technology as the vehicle for a democratized future. Learn more about being a Blockmate at: www.blockmate.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dom Carosa (Managing Director & President)
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