Tech: Mobecom is making a sweet escape from one of its crypto investments after just 8 months
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Suspended technology small cap Mobecom (ASX:MBM) is reversing a crypto investment it made only eight months ago.
In May last year it bought 51 per cent of AirCrypto, a blockchain and cryptocurrency exchange platform where people could convert cryptocurrencies into its own currency – airBux.
But this morning, Mobecom said it was selling its shares in AirCrypto back to Lakeba Ventures.
airBux essentially worked like a redemption loyalty card. You could earn it from merchants and transfer it to a currency that could be redeemed using an app at any participating business.
But today’s announcement didn’t paint the sale as a move away from cryptocurrencies. Mobecom has stuck by its $6m investment in Paid By Coins (also bought from Lakeba), which lets you pay bills in crypto.
Instead, Mobecom said it was a move from business-to-consumer to business-to-business. It owns two rewards platforms in the latter space, Clique and Muulla, as well as two wellness-tech apps, Lifeiq and SeventeenHundred.
Mobecom also reiterated its goal of achieving breakeven on an earnings basis and said today’s move was another milestone towards achieving that.
Shares last traded at 4.2c but have been suspended since late July.
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