Fastbase (OTC:FBSE) Acquires Strategic Stake in New York-Based Blockchain Technology Company Etheralabs.io

Rhea-AI Summary

Fastbase (OTC: FBSE) has acquired a 24.5% stake in Etheralabs LLC, a New York-based venture lab focused on disruptive blockchain technologies. This acquisition aligns with Fastbase's mission to enhance its data service capabilities through advanced blockchain solutions. CEO Rasmus Refer stated that the integration of Etheralabs' technology is expected to enable Fastbase to securely distribute vast amounts of data globally by May 2022. The strategic acquisition aims to elevate Fastbase's position in the data analytics market and is anticipated to improve its full-year results for 2022.

Positive

• Acquisition of 24.5% in Etheralabs enhances Fastbase's blockchain capabilities.
• Expected rapid integration of blockchain technology for efficient data distribution by May 2022.
• Strategic alignment with Fastbase’s mission to become a leading data provider.

Negative

• None.

NEW YORK, March 3, 2022 /PRNewswire/ -- Fastbase ("The Company", "we" and "our") (OTC: FBSE) announced today that it has acquired 24.5% of Etheralabs LLC, a New York City based venture lab and ecosystem that invests in, builds and implements disruptive technologies across the Blockchain area.

Fastbase CEO Rasmus Refer said: "Etheralabs LLC's disruptive technology and products are in line with Fastbase's mission to become the world's leading data provider. Fastbase's vision is always to be first with the most superior technologies to collect, analyze and provide data to companies to empower sales and marketing. Fastbase are already using advanced crawler technology, AI and with the acquisition of 24.5% stake in Etheralabs LLC, Fastbase can now access the latest blockchain technology to empower data distribution. As early as May, we expect to be able to make use of the new blockchain technology and distribute billions of data quickly and securely between companies all over the world."

Bryan Feinberg, CEO and Founder of Etheralabs, said: "Fastbase capabilities combined with our background in transforming large data ecosystems into living communities create a definitive way to leverage our background to accelerate Fastbase into one of the world's leading data analytics companies. Together with Fastbase will we develop completely new data platforms that will change the way you view and use data."

About Etheralabs LLC
Etheralabs is New York City based venture lab and ecosystem that invests in, builds, and deploys disruptive technologies across the Blockchain landscape. Etheralabs fast-tracks ideas into solutions that help high-growth companies with a focus on capital appreciation and scale via early-stage identification and accelerated resource deployment. The acceleration model lays the foundation for taking promising IP from both concept to company and from revenue to profitability, culminating in a fully functioning portfolio venture that is ready to attract follow-on funding, an acquisition partner, or to operate as a standalone company.
https://etheralabs.io

Fastbase raises expectations for the full-year result 2022 after the strategic acquisition of the New York-based blockchain company Etheralabs.

Fastbase Inc.
140 Broadway, 46th Floor
10005 New York, United States
Phone +1- 800 490 7454
email: rl@fastbase.com  
Twitter: https://twitter.com/fastbasec
http://www.fastbase.com

      

View original content:https://www.prnewswire.com/news-releases/fastbase-otcfbse-acquires-strategic-stake-in-new-york-based-blockchain-technology-company-etheralabsio-301495266.html

SOURCE Fastbase

FAQ

What percentage of Etheralabs did Fastbase acquire?

Fastbase acquired a 24.5% stake in Etheralabs.

What is the significance of the acquisition for Fastbase?

The acquisition is expected to enhance Fastbase's data distribution capabilities and strengthen its position in the data analytics market.

When does Fastbase expect to utilize the new blockchain technology?

Fastbase expects to utilize the new blockchain technology by May 2022.

How might this acquisition impact Fastbase's financial results?

The acquisition is anticipated to improve Fastbase's full-year results for 2022.

What type of technologies does Etheralabs focus on?

Ethalabs focuses on disruptive technologies in the blockchain sector.