Cryex, Swedish Company that Wanted to build Blockchains for Banks, is Being Bought.
Cryex is a Swedish origin company, which attempts to make Blockchains for banks, has been put on sale. This company started to face economic problems, that is why they decided to take that decision, according to a media outlet of that country, the Swedish market of Bitcoin Safello is interested in buying the shares of Cryex, this company began functions in 2015 when its Investors invested around $ 10 million in initial capital
According to an article by Breakit: “Now the company is about to be sold. A sale which is reported to at an extremely low price. Negotiations between the buyer, Safello, and Cryex began during the summer.”
The Cryex founders were aiming that the company could build Blockchains for banks and similar institutions. This project was aimed at facilitating bank transfers with distributed accounting technology, similar to how Bitcoin works. However this plan was frustrated:
“The plan was to build a technique for linking blockchain to banking transactions, and putting banks in direct contact with the global system. Since then things have not gone as planned. Cryex has completely changed its focus and was facing a difficult economic situation a year ago.”
It should be noted that all information about Cryex sale is not being granted by its CEO, but by Frank Schuit, Safello’s CEO. This will answer all the questions and concerns from media and others interested in the subject.
The overall valuation of Blockchain’s construction company was undeniably low. The company is only worth $ 2.5 million for the sales purpose. However, investors injected approximately $ 12 million into SEK to the company at the beginning.
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