TransferTo invests in OXIO
TransferTo has invested an undisclosed amount into OXIO to strengthen its group and technology competencies across the digital value services business, according to a TransferTo-OXIO joint press release CoinReport received from PR firm The Creative Pitch Group.
Singapore-headquartered TransferTo runs a business-to-business network that interconnects digital financial service providers and telecommunication providers the world over. U.S. (Boston and New York)-based OXIO runs a mobile internet exchange that uses blockchain technology to power fast and inexpensive mobile internet access for billions of users globally.
Utilizing OXIO’s exchange network, TransferTo will offer more economical and workable solutions across its digital value services portfolio.
Only about 30% of the more than 5 billion mobile subscribers today are able to stay consistently connected with enough data to meet their requirements. For most buyers, mobile data is costly, and the friction in getting data access is, in many cases, significant. OXIO’s network allows for users to pay less for mobile data as well as stay connected consistently, all while assisting carrier networks in functioning more efficiently.
Through this association, TransferTo will have access to OXIO’s technology and marketplace to buy and sell mobile internet data and provide greater value to its network partners, says the news release. TransferTo can develop a more sustainable solution to increase its technology competencies to enhance the way mobile data is sold and used. Similarly, says the release, OXIO will get a direct connection to TransferTo’s huge network of worldwide carrier associates with the target to assist in filling their connectivity requirements.
“Our investment in OXIO will help to further accelerate our transformation and put us in a better position to execute our strategy and mission to provide forward-thinking and sustainable digital value solutions to our network partners – and support our wider goal to connect people globally,” said TransferTo CEO Peter De Caluwe. “The technology and operational acumen of the OXIO team will be a welcome addition to our company, and through this investment, we look forward to developing our technology and product capabilities.”
OXIO CEO Nicolas Girard stated, “TransferTo is already a global leader in digital value services and have the backing of an impressive management team, innovative technology solutions and a solid partner portfolio. This investment provides the perfect fit for both companies as we are able to leverage off each other’s strengths to deliver smarter mobile solutions to connect people worldwide.”
As well as the investment, TransferTo’s CTO, Bruno Premartin, will become a technical advisor to OXIO.
Images via press release