Cryptyde, Inc. (NASDAQ: TYDE), a Safety Harbour, Florida-based blockchain company focused on consumer adoption of smart contract technologies, closed the acquisition of Forever 8 Fund, LLC, an e-commerce fintech company.
The amount of the deal was not disclosed. The acquisition, which positions Cryptyde to generate revenue from the F8 acquisition, beginning in Q4 of 2022, provides the opportunity to capture sustainable market share within the multi-billion-dollar fintech sector.
Forever 8 Fund develops a way of funding inventory for e-commerce businesses. When considering a business for its solution, Forever 8 first determines which products qualify for inventory funding within the customer’s product portfolio, using a proprietary due-diligence tool that assesses a number of parameters including sales, supplier terms and product category risk. Once approved and on-boarded, Forever 8 then purchases the existing inventory from the customer, immediately freeing up capital for the customer to focus on growth activities such as sales, marketing and product line expansion. Going forward, Forever 8 purchases all future inventory directly from the supplier that the customer requires in order to satisfy its growth, delivering a long-term, un-capped inventory capital solution for the customer.
Led by Brian McFadden, CEO, Cryptyde is focused on leveraging blockchain technologies to consumer-facing industries.
FinSMEs
05/10/2022