SUNRISE, FL, Aug. 25, 2022 (GLOBE NEWSWIRE) — by way of NewMediaWire — NextPlay Technologies, Inc. (Nasdaq: NXTP), a digital native ecosystem for finance, digital advertisers, and video players, introduced in the present day that NextBank International, Inc. (“NextBank”), the worldwide banking unit of NextPlay’s fintech division, has structured and signed a Collaboration Agreement with Alphabit Consulting Pte. Ltd. (“Alphabit”), formally launching the method of bringing deposit accounts and cost playing cards to members of Alphabit’s ABCC cryptocurrency alternate (“ABCC”).
The signed settlement creates a chance for tens of 1000’s of ABCC prospects to open NextBank accounts and represents the primary accomplice onboarding since NextBank revamped its working methods to assist the sort of scalability. Once carried out, ABCC Exchange prospects will be capable to convert cryptocurrencies to, and use NextBank accounts to transact in, fiat currencies, and additionally use NextBank pay as you go playing cards that may enable ABCC Exchange prospects to transact in fiat currencies utilizing their crypto belongings. In the longer term, topic to NextBank’s and ABCC’s receipt of obligatory regulatory approvals, the events intend to supply a further alternative for ABCC prospects to use for cost playing cards underneath which permitted prospects can have the flexibility to borrow funds from NextBank, which borrowings are to be secured by cryptocurrencies held by the shopper in a separate account at ABCC.
Alphabit has constructed a broad world consumer base with ABCC. As a Singapore-based cryptocurrency alternate operator, Alphabit has submitted a license software underneath the Payment Service Act 2019 to supply account issuance companies and digital cost token companies because it continues to function underneath a license exemption.
Todd Bonner, chairman of the board of administrators of NextPlay Technologies and head of the corporate’s fintech division, said: “Last month our team implemented improvements in NextBank’s core operating infrastructure, significantly expanding the capabilities of our Fintech division, including for mobile and online banking. We intend to continue that improvement by seeking regulatory approval to add insurance products and block chained assets to our banking services. With the ABCC relationship, we have the potential to expand NextBank’s deposit base and depositor count to many multiples of their current level. The relationship with ABCC is expected to provide us with the opportunity to offer credit to this emerging class of high-net-worth crypto investors. Soon, we expect to offer unique insurance products and well-underwritten and currently not easily accessible real world alternative asset classes. We are very thankful to Calvin and his excellent team for offering us a chance to grow with ABCC.”
ABCC president, Calvin Ng, said: “We started discussions with NextBank earlier this year seeking their financial services due to their architectural design, international online banking capabilities, and their positioning in the international online banking marketplace. We believe that such a cooperation between ABCC and NextBank will mark the beginning of a new paradigm in digital assets and banking, providing a new form of seamless services of the future. ABCC is very happy to secure this cooperation and encourages crypto exchanges globally to follow such a path.”
About Alphabit and ABCC
Based in Singapore, Alphabit Consulting Pte. Ltd. operates the ABCC cryptocurrency alternate. ABCC is a number one crypto alternate that’s exploring the longer term growth of cryptocurrency tasks for world customers. It is working to create a world the place cryptocurrency co-exists with conventional monetary markets by strong Know-Your-Customers (KYC) processes. By partaking with respected distributors, it seeks to ship RegTech options that create a protected platform for its ABCC members. To be taught extra, go to abcc.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a expertise options firm providing video games, in-game promoting, and crypto-banking companies to shoppers and firms inside a rising worldwide digital ecosystem. NextPlay’s partaking merchandise and companies make the most of progressive AdTech, Artificial Intelligence and Fintech options to leverage the strengths and channels of its present and acquired applied sciences. For extra details about NextPlay Technologies, go to www.nextplaytechnologies.com and comply with us on Twitter @NextPlayTech and LinkedIn.
This press launch contains “forward-looking statements” throughout the which means of, and throughout the protected harbor supplied by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our present expectations, opinions, perception or forecasts of future occasions and efficiency. A press release recognized by means of forward-looking phrases together with “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and sure of the opposite foregoing statements could also be deemed forward-looking statements. Although the Company believes that the expectations mirrored in such forward-looking statements are affordable, these statements contain dangers and uncertainties that will trigger precise future actions and outcomes to be materially completely different from these recommended or described on this information launch. Factors that will trigger such a distinction embody dangers and uncertainties together with, and not restricted to, our want for added capital which will not be obtainable on commercially acceptable phrases, if in any respect, which raises questions on our skill to proceed as a going concern; present regulation governing digital forex exercise is commonly unclear and is evolving; our and ABCC’s skill to safe all obligatory regulatory approvals to broaden the partnership to its fullest, and supposed, potential; the longer term growth and progress of digital currencies are topic to quite a lot of elements which are tough to foretell and consider, a lot of that are out of our management; the worth of digital forex is unstable; quantities owed to us by third events which will not be paid well timed, if in any respect; sure quantities we owe underneath excellent indebtedness, that are secured by considerably all of our belongings and penalties we could incur in connection therewith; the truth that we now have vital indebtedness, which might adversely have an effect on our business and monetary situation; uncertainty and illiquidity in credit score and capital markets which can impair our skill to acquire credit score and financing on acceptable phrases and could adversely have an effect on the monetary energy of our business companions; the officers and administrators of the Company have the flexibility to train vital affect over the Company; stockholders could also be diluted considerably by our efforts to acquire financing, fulfill obligations and full acquisitions by the issuance of extra shares of our widespread or most well-liked inventory; if we’re unable to adapt to modifications in expertise, our business could possibly be harmed; if we don’t adequately defend our mental property, our skill to compete could possibly be impaired; our business is inclined to dangers related to worldwide operations; unfavorable modifications in, or interpretations of, authorities rules or taxation of the evolving Internet and e-commerce industries, which might hurt our working outcomes; dangers related to the operations of, the business of, and the regulation of, Longroot and NextBank International (previously IFEB); the market by which we take part being extremely aggressive, and due to that we could also be unable to compete efficiently with our present or future opponents; our potential lack of ability to adapt to modifications in expertise, which might hurt our business; the volatility of our inventory worth; and that we now have incurred vital losses to this point and require extra capital, which will not be obtainable on commercially acceptable phrases, if in any respect. More details about the dangers and uncertainties confronted by NextPlay are detailed infrequently in NextPlay’s periodic stories filed with the SEC, together with its most up-to-date Annual Report on Form 10-Okay and Quarterly Reports on Form 10-Q, underneath the headings “Risk Factors”. These stories can be found at www.sec.gov. Other unknown or unpredictable elements additionally might have materials adversarial results on the Company’s future outcomes and/or might trigger our precise outcomes and monetary situation to vary materially from these indicated within the forward-looking statements. Investors are cautioned that any forward-looking statements aren’t ensures of future efficiency and precise outcomes or developments could differ materially from these projected. The forward-looking statements on this press launch are made solely as of the date hereof. The Company takes no obligation to replace or appropriate its personal forward-looking statements, besides as required by legislation, or these ready by fourth events that aren’t paid for by the Company. If we replace a number of forward-looking statements, no inference must be drawn that we are going to make extra updates with respect to these or different forward-looking statements.
SOURCE: NextPlay Technologies, Inc.
NextPlay Technologies, Inc.
Director of Corporate Development
Tel: (954) 888-9779
Alphabit Consulting Pte. Ltd
Chief Executive Officer