CyClean’s Acquisition of Ketch’Up Company — The First Ever Buyout Paid with a Cryptocurrency
We have HUGE news for you guys today. CyClean has done something no other cryptocurrency project has ever done. Ever. We are thrilled to announce the acquisition of Ketch’Up, a bike sharing company that is ranked 3rd in Hong Kong. Yeah, you may be saying acquisitions happen all the time. However, we are the very first to purchase a company using cryptocurrencies. On June 29th, CyClean Platform acquired a 60% share of IMUSIC THINGS LIMITED, the holdings company of Ketch’Up Shared Bicycle Platform. The event is historic because it is the first time an acquisition happened solely by cryptocurrencies and not cash or spot goods. CyClean and Ketch’Up are excited to embark on this new journey together for a cleaner earth.
What is Ketch’Up?
Ketch’Up is a bicycle rental company that shares CyClean’s vision of reducing carbon emissions. By developing an environmentally friendly public transportation system, Ketch’Up connects people living in Hong Kong. Anyone can purchase a Ketch’Up bicycle, which is then rented to people who need to travel around the city. GPS tracking allows the owner to keep an eye on the location of their bike. Those renting can open the app on their phones to check the distance travelled and the fees they need to pay.
Both renters and owners benefit through this system. Owners purchase a bike for about $1,600 dollars as an initial investment, but they are able to earn their money back and make a profit. People who rent the bicycle are able to traverse the city without paying a high cost for a bicycle or car.
CyClean is happy to have acquired Ketch’Up as a part of its business expansion plan. The reason we came to this decision with Ketch’Up is the sharing economy is a growing market. CyClean has already established a bike rental and sharing community in South Korea with CyCleans’ electric bicycles. Thus, CyClean knows how to make this business work. We do not want to limit ourselves to any country, and by extending our influence to other parts of Asia, starting with Hong Kong, we truly believe that we can effect change in the international movement for clean air and energy.
As for how the acquisition was completed, the Singapore based CyClean Platform acquired rights to Ketch’Up’s leadership and shares through the transfer of CyClean and JPAY tokens. Although Ketch’Up was approached by another large business, the company selected CyClean, which reveals the high potential of our platform and our innovative business approach. Following the deal with Ketch’Up, CyClean signed a MOU with Brighten — details regarding this agreement will come at a later time.
CyClean’s executive member said, “In the future, with a reward system and coin valuation, we will continue to accelerate the green revolution and protect the health of humanity and our ecosystem.” CyClean is again grateful for this opportunity and is proud to make the first ever acquisition with cryptocurrencies. Thank you for your unending support!
[ For more information about CyClean, please visit our website at cyclean.io ]
