NextPlay Announces a Request for Proposals for Its Upcoming Suite of Stable Coins
NextPlay Technologies, Inc. (Nasdaq: NXTP) is seeking partners to develop a suite of digital stable coins, leveraging new technologies from Token IQ Inc. This initiative aims to enhance interoperability between fiat and digital currencies across various crypto chains, targeting Southeast Asia and Africa. The stable coins will support diverse applications, including video game currency and travel-related services. Co-CEO Nithinan Boonyawattanapisut highlighted the potential for in-app rewards and advertising through this initiative, aimed at making crypto more accessible to the general public.
- Seeking partnerships to develop digital stable coins targeting various assets.
- Focus on enhancing interoperability between fiat and digital currencies.
- Initial applications include video game currency and travel services.
- None.
SUNRISE, FL, Nov. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- NextPlay Technologies, Inc. (Nasdaq: NXTP), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, announces it is seeking partners to power a suite of digital stable coins. NextPlay’s suite of coins will be built on top of recently acquired enabling technologies from Token IQ Inc. and enabled by NextPlay’s Longroot and NextBank units.
The suite of coins will cover a broad array of assets including various fiat currencies across a group of crypto chains with the goal of maximizing both the fiat and digital currency interoperability. With this goal in mind NextPlay is soliciting information from technology, banking, exchange, and digital chain partners.
“We are seeking partnership with technology minded financial institutions and compliance minded crypto infrastructure providers throughout the world with a particular focus on Southeast Asia and Africa,” said Mark Vange, NextPlay CTO.
Initial use-cases for the stable coin span the breadth of NextPlay’s operations including video game currency, in-game advertising, travel and travel-related offers as well as banking, investment and payments. Once established, the coin suite will be offered to the general public and to partner exchanges.
“With our unique blend of licensed and compliant operations in various realms of finance, and a team with rich experience in both digital currency and games, we look forward to enabling in-app rewards, advertising as well as Non-Fungible Token based games by establishing easy on- and off-ramps for the general public,” said Nithinan (Jessie) Boonyawattanapisut, co-CEO.
To contact the coin team and schedule a preliminary call please contact inforequest@nextplaytechnologies.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay’s engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of our existing and acquired technologies. For more information about NextPlay Technologies, visit nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties related to our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence and voting control over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; our travel business depends substantially on property owners and managers renewing their listings; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of our recent acquisitions of Longroot Holding (Thailand) Company Limited (Longroot), HotPlay Enterprise Limited (HotPlay) and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; risks associated with the integration of the operations of HotPlay, Longroot and IFEB, which acquisitions we recently competed; the fact that we may be subject to liability for the activities of our property owners and managers, which could harm our reputation and increase our operating costs; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. More information about the risks and uncertainties faced by NextPlay are detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
SOURCE: NextPlay Technologies, Inc
Company Contact:
NextPlay Technologies
Richard Marshall
Director of Corporate Development
Tel (954) 888-9779
Richard.Marshall@NextPlayTechnologies.com
FAQ
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