Colorado-based technology and marketing firm CannaSys has agreed to purchase Hyper Financial Technologies, a Wyoming-based cryptocurrency payments platform.
The companies have not revealed the financial terms of the transaction.
Hyper Financial’s core product operated Hyfin brand. It is a payment facilitation platform for high risk merchants that are not served by traditional industry players.
Hyfin’s offering includes the Hyfin Multi Alt-coin Payment Gateway, which enables merchants to instantly withdraw funds and convert them to altcoins. It also offers a proprietary merchant onboarding solution that complies with anti-money laundering standards of traditional payments firms.
Hyfin’s technology supports automated fee deductions for merchants through its token called Hyfin Coin.
CannaSys CEO Michael Tew said: “We estimate that more than $200bn of annual transaction volume amounting to 6 billion annual payment transactions are completely ignored by traditional merchant processors and payment gateways.
“Hyfin offers a chargeback-free payment alternative for these merchants in a seamless, end-to-end solution, and its founding team has extensive experience in underwriting these merchants.”
Tew said that Hyfin’s offering will complement CannaSys’s marquis product Citizen Toke.
“Hyfin’s product suite is a complementary solution to and additional distribution mechanism for Citizen Toke. Hyfin’s product suite and expansive business plan will serve as a platform for future bolt-on acquisitions in the blockchain and financial technology sectors,” he stated.