Listed Canadian Firm Hello Pal Buys Dogecoin, Litecoin Mining Startup for $3.5M

The company says it's the first listed company to have a dogecoin mining arm.

May 27, 2021 at 2:39 p.m. UTC
Updated Sep 14, 2021 at 1:03 p.m. UTC

Hello Pal, a Vancouver-based producer of phrasebooks and real-time translations apps, has acquired a startup, bringing it direct exposure to cryptocurrency.

While the purchase of mining platform Crypto Pal was revealed on May 25, the Canadian firm, which is listed on several stock exchanges (CSE: HP) (Frankfurt: 27H) (OTC: HLLPF), published more details on Thursday. 

Crypto Pal was acquired for the "low" cost of US$3.5 million, according to Hello Pal, including $1.5 million in cash and 1,800,000 common shares, plus warrants.

As a result, Hello Pal owns a 51% stake in the miner, and will soon offer users the ability to own all or fractions of its cryptocurrency mining rigs and receive the crypto assets mined.

Hello Pal said it believes it is now the "only listed issuer primarily focused on mining dogecoin."

Hello Pal offers a number of mobile messaging apps that focus on "social interaction, language learning and travel." The firm said in the announcement that its platform is now being upgraded to enable access to and use of cryptocurrency across its products.

"Dogecoin, often referred to as 'the people's coin,' is being rapidly accepted and adopted internationally, said Hello Pal founder and CEO KL Wong. "We anticipate gains to our userbase and livestreaming services from the integration of dogecoin."

Crypto Pal is said to have 12,500 rigs mining dogecoin and litecoin at multiple locations, with its new owner having tapped Yitang Data Technology to manage the operations.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Coinbase Has ‘Structural Advantage’ Over Competitors, Cowen Analyst Says

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

CoinDesk - Unknown
2
CoinDesk - Unknown
Tether Enters Latin America With Mexican Peso-Pegged Stablecoin

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

CoinDesk - Unknown
3
CoinDesk - Unknown
Fed Vice Chair Lael Brainard Says CBDC Could Coexist With Stablecoins

A well-designed central bank digital currency could complement stablecoins and cash, Brainard will say in front of the House Committee on Financial Services on Thursday.

A well-designed central bank digital currency could complement stablecoins and cash, Brainard will say in front of the House Committee on Financial Services on Thursday.

CoinDesk - Unknown
4
CoinDesk - Unknown
Ark 21Shares Backers Take Another Shot at Spot Bitcoin ETF Approval

The initial application for a spot bitcoin ETF was rejected in April.

The initial application for a spot bitcoin ETF was rejected in April.

CoinDesk - Unknown