ASX-listed internet venture investor Fatfish Internet Group is throwing its support behind a Singapore-based start-up providing consultancy and technology services in the blockchain and cryptocurrency sector.
Fatfish is investing around A$338,000 for a 60 per cent stake in CryptoFoundry – a services company covering banking, payment and remittance, Initial Coin Offering (ICO), trading settlement and digital asset management in the area of blockchain and cryptocurrency technologies.
The company – while still in its infancy – is in advanced discussions with three potential clients that are looking to launch projects in the blockchain and cryptocurrency space. CryptoFoundry expects to secure its first client early in 2018.
Fatfish will use existing cash reserves to fund the proposed investment in CryptoFoundry.
Following the investment, Fatfish will appoint two directors to the CryptoFoundry board.
The investment is in line with its vision to be the leading technology venture investment and development firm, the company said.
The use of blockchain and similar distributed ledger technologies are increasingly becoming an emerging trend in both the consumer internet and financial service industry areas,” Fatfish said.
“In particular the use of cryptocurrency as a form of payment is an accompanying trend to these emerging technologies.”
Today’s news comes after a recent $1 million seed investment into cryptocurrency exchange start-up Kryptos-X and A$320,000 investment in a UK-based fintech venture builder Altairian Holdings.
Shares in Fatfish were last trading at 7.4c in early afternoon trade AEDT.
