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Canadian company Hello Pal buys crypto mining start up for $3.5 million

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Shivangi Mujumdar Follow

INDIA

Jun, 01 2021

Jun, 01 2021

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Canadian company Hello Pal acquires DOGE miner so dogecoin can gain more attention. It was priced at Crypto Pal Technology for $3.5 million. The firm says it is the major publicly listed entity with main exposure to Dogecoin. 

 

Hello Pal was established in 1986 and is listed on the Canadian Securities Exchange and numerous other exchanges. It delivers a social media app that lets users share travel experiences, learn languages, and message friends. 

 

The platform also provides a digital wallet to hold cryptocurrencies, like Ethereum and Bitcoin. Hello Pal is presently upgrading its platform to allow access to Dogecoin across its products. The achievement also means that Hello Pal gets contact with Litecoin (LTC) mining. At present, Crypto Pal owns 12,500 mining rigs “hosted through multiple locations” that are also aggressively mining Litecoin. 

 

Dogecoin for the people- 

 

KL Wong, the founder and CEO of Hello Pal state that the token is "often stated to be ‘the people's coin,’ and is being fast accepted and accepted globally. It anticipates gains to our user base and live streaming services from the integration of Dogecoin." The firm noted that Dogecoin mining doesn’t need excessive computational power, and the coin is simple to use for payments. 

 

Financial Benefits of Acquisition- 

 

  • Buying Price for Crypto Pal was grounded on Dogecoin at the US $0.055 

  • The low acquisition cost of $3.5 million, involving $1.5 million cash and 1,800,000 units 

  • Price to mine Dogecoin and Litecoin knowingly less than Bitcoin 

 

Strategic Benefits of Acquisition- 

 

  • First listed company with prime exposure to Dogecoin 

  • Contact to cryptocurrency will speed up the growth of the user base and Livestream revenues 

  • Forthcoming the launch of the beta version of the cryptocurrency-focused app, being part of the set of Hello Pal apps 

 

As an outcome of Hello Pal’s purchase of Crypto Pal, it is said that it is presently the sole listed issuer mainly focused on mining Dogecoin. Hello Pal expects that Dogecoin will remain to be seen as a substitute to Bitcoin given its lower value. It is easy for making online payments, and a much lower power necessity in mining it. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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