Agoge Global USA Enters into Joint Venture with WeDev Group of Brazil
Sparta Commercial Services, Inc. (OTC PINK:SRCO) announced a strategic partnership between its subsidiary Agoge Global USA and WeDev Group, a Brazilian software and blockchain innovator. The collaboration aims to enhance cross-border payments between Brazilian exporters and US importers using stablecoins and blockchain technology. This initiative is expected to reduce transaction times from days to hours and lower costs significantly. The partnership will commence in early 2023, with a five-year initial agreement and potential for further technological expansion.
- Partnership with WeDev Group expected to reduce cross-border payment times from days to hours.
- Utilization of stablecoins and blockchain technology aims to significantly lower transaction costs.
- Five-year initial agreement with potential for expansion into other blockchain products.
- None.
NEW YORK, NY / ACCESSWIRE / December 19, 2022 / Sparta Commercial Services, Inc. (OTC PINK:SRCO) ("Sparta" or "the Company") announces that its subsidiary Agoge Global USA, Inc. ("Agoge USA") has partnered with WeDev Group Ltda. ("WeDev" or "WeDev Group"), a Brazilian innovator in software and blockchain development to facilitate cross-border payments between exporters and importers by utilizing stablecoins and blockchain technology to decrease costs and improve transaction speed.
Leveraging the existing platforms and networks of both Agoge USA and WeDev, the Company's management believes this partnership will evolve the current process for US-based importers and Brazilian exporters by reducing payment transaction times from days to hours and significantly reducing the costs to both parties. This new process is also expected to mitigate other existing risk factors that importers and exporters face.
"We are excited to partner with the WeDev Group and look forward to providing new technological and blockchain solutions for payments and business automation for the import and export industry" said Anthony Havens, CEO at Sparta.
The strategic partnership between Agoge USA and WeDev, expected to be fully operational in early 2023, will be for an initial five-year period and has the potential to expand to other blockchain products and technologies. Sparta continues to grow and develop its portfolio of crypto and digital asset offerings for businesses across multiple markets.
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (www.spartacommercial.com) was founded in 2004 and is the parent company of three subsidiaries in addition to Agoge Global USA, Inc.: iMobile Solutions, Inc., New World Health Brands, Inc., and Sparta Crypto, Inc., offering a variety of products and services.
Agoge Global USA, Inc. is a newly formed subsidiary of Sparta Commercial Services, Inc. for the Brazilian partnership in facilitating the cross-border payments for goods shipped between Brazil and the USA.
About WeDev Group Ltda.
WeDev Group Ltda. is a Brazilian innovator focused on the disruption of traditional standards by fostering innovation and growth through new business models capable of transforming the way the world works.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, possible fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov.
Company Contact:
Sandra L. Ahman
Corporate Secretary
Sparta Commercial Services, Inc.
sandy@spartacommercial.com
SOURCE: Sparta Commercial Services, Inc.
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