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.