Digital money platform Uphold has purchased Cortex MCP, a US-based mobile commerce company, for an undisclosed sum.
Uphold will also take over the patent portfolio of Cortex and develop new IP solutions, focusing on authentication, tokenisation and blockchain.
Through this deal, Uphold aims to incorporate a payments capability that supports crypto as well as fiat currencies, as well as initiate a new closed-loop payment platform expansion, building on its remittance capabilities in Mexico and Latin America.
The purchase of Cortex will also facilitate creation of new digital ID/authentication capabilities, Uphold said.
Uphold COO William Dennings said: “Cortex’s mobile centric, closed loop payment and secure tokenisation solutions provide industry leading technologies and security to our platform. It additionally brings new commercial offerings and opportunities to our enterprise division, Uphold Solutions.”
As part of the deal, Cortex founder Shaunt Sarkissian joins Uphold as the head of its payments team.
“Integrating the Cortex platform, IP, and solutions into Uphold’s platform is a big leap forward for the payments industry. Many more merchants and service providers will now be able to safely accept cryptos, giving businesses and consumers the widest possible choice,” Sarkissian stated.
The latest acquisition comes less than a month after Uphold raised $57.5m in funding from Greg Kidd, an investor in Ripple, Square, and Coinbase.