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Summary
- Pires Investments has entered into a share purchase agreement with DeTech Studio Ltd for 1,765 new ordinary shares representing 16 per cent of the latter’s equity value.
- The company has also entered into a YOP token agreement with DeTech whereby it will get 4.5 million YOP tokens of the total of 88 million tokens issued by the company.
- DeTech is a provider of Decentralized Finance products to cryptocurrency owners running on the Ethereum network.
With the major success of cryptocurrencies like Bitcoin achieved this year, Pires Investments Plc (LON:PIRI) has gone ahead and picked up a stake in DeTech Studio Ltd, a provider of Decentralized Finance (DeFi) products to cryptocurrency owners running on the Ethereum network.
The deal of Pires Investments is for a 16 per cent stake in DeTech Studio Ltd. Along with that, the company has entered into a Subscription Agreement of YOP Token Purchase, or YOP Agreement, whereby it will be issued 4 million YOP tokens, representing 4.5 per cent of the total 88 million YOP tokens to be issued.
Decentralized Finance (DeFi)
Decentralized finance (DeFi) is an expanding world-wide network of products running on the Ethereum network. It helps generate investment returns for cryptocurrency assets owners without relying on any central financial intermediaries such as banks, exchanges, or brokers. DeFi creates decentralized financial instruments which are different from any traditional centralized institutions. Ethereum based smart contracts have grown significantly, with this value growing from less than $1 billion in May to over $12 billion in November this year.
YOP Tokens
YOPs are a decentralized finance technology platform that make it easier for less technical conversant users to engage with Decentralized Finance (DeFi). The current version of YOP provides DeFi access through smartphones making it uncomplicated and easier for people to access digital financial products.
It is expected that the YOP platform will enable portfolio managers have access to cryptocurrency market data and cryptocurrency investment products at their fingertips over their mobile phone. Desktop and tablet versions of YOP are currently work in progress and would soon be available for users.
Bitcoin performance
The year 2020 is turning out to be the best years for most cryptocurrencies. Bitcoin especially has had a very successful year this year. From a low of $4857.1 per coin trading on 12 March, it has risen to $19,204.60 per coin on 2 December.
The performance of this cryptocurrency has beaten gold, investors and financial institutions alike are lapping up to park their wealth when most of the conventional investment products are down.
Share price performance of Pires Investments (LON:PIRI)
The shares of Pires Investments plc last traded at GBX 3.62 per share as on 2 December, up by 0.68 per cent over the previous day’s close.
