SpherePay, a Singapore-based mobile app developed by payment services provider OPG Asia, has secured investment from Chinese blockchain firm Titanium Value (TV).
SpherePay did not disclose the value of the investment, but revealed that it will be utilised for its cyptocurrency project SAY.
The Titanium chain aims to develop the public chain ecosystem beyond the existing blockchain by integrating IPFS systems. The SpherePay partnership forms part of its strategy to penetrate the Southeast Asian region.
Commenting on the development, SpherePay said: “Titanium (TV) placed this strategic investment in SpherePay, in line with its globalisation process, tapping into the strong market access in Southeast Asia.
“In addition, in a circumstance that a unicorn has not appeared in the mobile payment industry in Southeast Asia, SpherePay is looking out to lead the way for innovation and has taken a bold step to introduce the encryption of real money with blockchain technology. This is also an important reason why the Titanium (TV) team has decided to jump into this strategic investment with SpherePay. This will also further broaden the flow of Titanium (TV) and promote the value of Titanium (TV) turnover,” the Singaporean firm said in a statement.
The Titanium investment comes shortly after a $10m fundraising by SpherePay from unnamed investors.