Tech investor Fatfish Internet Group (ASX: FFG) has signed a definitive subscription agreement with Kryptos-X, a Singapore-based virtual currency exchange set up by Australian entrepreneur Tony Mackay.
Last year, Fatfish announced it would invest US$1 million in Kryptos-X, which will initially be offering services in Singapore in accordance with the Singaporean regulatory framework for digital token offerings, with expansion into other jurisdictions expected in the future.
Kryptos-X is founded by Tony Mackay, founding chairman and CEO of Chi-X Global. With this signing off, Fatfish will be investing the US$1 million into Kryptos-X in exchange for 27% equity of Kryptos-X.
Kryptos-X is in the midst of setting up its initial operation in Singapore and plans to start the operation soon.
Shares in FFG were trading 0.1c higher ay 6.3c on Wednesday afternoon.