NextPlay Technologies’ NextBank and Alphabit’s ABCC Cryptocurrency Exchange Complete Collaboration, Expanding NextBank Regionally and Towards Banking for the Digital Community
25 August 2022 - 11:00PM
via NewMediaWire --
NextPlay Technologies, Inc.
(Nasdaq: NXTP), a digital native ecosystem for finance,
digital advertisers, and video gamers, announced today
that NextBank International, Inc. (“NextBank”), the
international banking unit of NextPlay’s fintech division, has
structured and signed a Collaboration Agreement with Alphabit
Consulting Pte. Ltd. (“Alphabit”), formally launching the process
of bringing deposit accounts and payment cards to members of
Alphabit’s ABCC cryptocurrency exchange (“ABCC”).
The signed agreement creates an opportunity for
tens of thousands of ABCC customers to open NextBank accounts and
represents the first partner onboarding since NextBank revamped its
operating systems to support this type of scalability. Once
implemented, ABCC Exchange customers will be able to convert
cryptocurrencies to, and use NextBank accounts to transact in, fiat
currencies, and also use NextBank prepaid cards that will allow
ABCC Exchange customers to transact in fiat currencies using their
crypto assets. In the future, subject to NextBank’s and ABCC’s
receipt of necessary regulatory approvals, the parties intend to
provide an additional opportunity for ABCC customers to apply for
payment cards under which approved customers will have the ability
to borrow funds from NextBank, which borrowings are to be secured
by cryptocurrencies held by the customer in a separate account at
ABCC.
Alphabit has built a broad global user base with
ABCC. As a Singapore-based cryptocurrency exchange operator,
Alphabit has submitted a license application under the Payment
Service Act 2019 to provide account issuance services and
digital payment token services as it continues to operate under a
license exemption.Todd Bonner, chairman of the board of directors
of NextPlay Technologies and head of the company’s fintech
division, stated: “Last month our team implemented improvements in
NextBank’s core operating infrastructure, significantly expanding
the capabilities of our Fintech division, including for mobile and
online banking. We intend to continue that improvement by
seeking regulatory approval to add insurance products and block
chained assets to our banking services. With the ABCC relationship,
we have the potential to expand NextBank’s deposit base and
depositor count to many multiples of their current level. The
relationship with ABCC is expected to provide us with the
opportunity to offer credit to this emerging class of
high-net-worth crypto investors. Soon, we expect to offer
unique insurance products and well-underwritten and currently not
easily accessible real world alternative asset classes. We
are very thankful to Calvin and his excellent team for offering us
a chance to grow with ABCC.”ABCC president, Calvin Ng, stated: “We
started discussions with NextBank earlier this year seeking their
financial services due to their architectural design, international
online banking capabilities, and their positioning in the
international online banking marketplace. We believe that such a
cooperation between ABCC and NextBank will mark the beginning of a
new paradigm in digital assets and banking, providing a new form of
seamless services of the future. ABCC is very happy to secure this
cooperation and encourages crypto exchanges globally to follow such
a path.”About Alphabit and ABCC Based in
Singapore, Alphabit Consulting Pte. Ltd. operates the ABCC
cryptocurrency exchange. ABCC is a leading crypto exchange that is
exploring the future development of cryptocurrency projects for
global users. It is working to create a world where cryptocurrency
co-exists with traditional financial markets through robust
Know-Your-Customers (KYC) processes. By engaging with reputable
vendors, it seeks to deliver RegTech solutions that create a safe
platform for its ABCC members. To learn more,
visit abcc.com.About NextPlay
Technologies NextPlay Technologies, Inc. (Nasdaq:
NXTP) is a technology solutions company offering games, in-game
advertising, and crypto-banking 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 its existing and acquired
technologies. For more information about NextPlay Technologies,
visit www.nextplaytechnologies.com and follow us
on Twitter @NextPlayTech
and LinkedIn.Forward-Looking StatementsThis
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,
belief 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 including, and not limited 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; current regulation
governing digital currency activity is often unclear and is
evolving; our and ABCC’s ability to secure all necessary regulatory
approvals to expand the partnership to its fullest, and intended,
potential; the future development and growth of digital currencies
are subject to a variety of factors that are difficult to predict
and evaluate, many of which are out of our control; the value of
digital currency is volatile; 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 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; if we do not adequately
protect our intellectual property, our ability to compete could be
impaired; our business is susceptible to risks associated with
international operations; unfavorable changes in, or
interpretations of, government regulations or taxation of the
evolving Internet and e-commerce industries, which could harm our
operating results; risks associated with the operations of, the
business of, and the regulation of, Longroot 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; 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 fourth 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 Contacts:NextPlay
Technologies, Inc.Richard MarshallDirector of Corporate
DevelopmentTel: (954)
888-9779Email: richard.marshall@nextplaytechnologies.comAlphabit
Consulting Pte. LtdAlan LiChief Executive
OfficerEmail: alan.li@abcc.global
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