TechFinancials Delves Into Blockchain Following An M&A With Footies To Form NewCo

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TechFinancials

NewCo is the latest Blockchain company that has been established following a merger and acquisition of Footies by TechFinancials. This follows an earlier acquisition of 92% of CEDEX which is a diamond exchange platform targeting high-end clients. This M&A proves that the London Stock Exchange-listed firm is diversifying its product base and investment portfolio to also include Blockchain-based companies that have been deemed to be futuristic.

Partnership Between TechFinancials And Footies Will Develop The Blockchain Concept

Footies is a ticketing software platform that uses Blockchain’s Distributed Ledger Technology to offer ticketing services for teams and sports venues. It is based in Larnaca, Cyprus and allows users to have full control of their events such as time of issue, pricing, etc.

On the other hand, TechFinancials is a tech firm that aims to revolutionize the trading of real-world assets in digital markets. Its unique technological architecture manages the infrastructure of Blockchain-based digital assets to provide solutions for flexibility, growth, and development. Thus, the company can be dubbed as an incubator for Blockchain companies that have a promising mission.

merger and acquisition

NewCo Will Be The Leading Sports Ticketing Platform

TechFinancials aims to develop the idea that Footies architecture features to address real-life challenges that ticketing providers deal with such as delays, secondary markets, network breakdowns, time wastage, and bloated operational costs. Therefore, the new company that will be formed will focus on facilitating economic management of sports’ fans logistics that is integral to commercial games.

NewCo will be built in phases. The first phase would target sports organizations such as Rugby clubs, Football Clubs, Basketball clubs, etc. The Distributed Ledger Technology features implemented under this step will enable these organizations to track the chronological usage of a ticket from the first point to expiry. This will give them full control, over managing events. The phase will also encompass secondary markets that initial ticket sales can be targeting.

The other phases will target other logistic challenges pertaining to data management and analysis and other statistical compilations.

This Will Solve The Challenge Of Secondary Ticket Sales

Some people have been buying sports tickets for important games and then creating a demand-supply imbalance that has often led to price surges. This speculative and opportunistic behavior hurt both the sports clubs and fans and NewCo will be making the process transparent to avoid such gross misuse of networks. This will form the bulk of the other phases of the roadmap that will be targeted to eliminate the inconsistencies.

NewCo Is Ready To Operate

Ian Are, the former Liverpool FC and Footies CEO will be the new chairperson of NewCo. He will bring in immense expertise in building a Blockchain that is beneficial in the sports industry ticketing services.

On the part of TechFinancials, the company will be contributing capital capped at US$500,000 which will be used in engineering a Proof of Concept protocol first for European football clubs. The company will also own 75% of NewCo shares as Footies holds the remainder.

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