Animoca Brands to acquire blockchain-powered fitness app Lympo (LYM)
Animoca Brands, a company specializing in blockchain, gamification, and artificial intelligence technologies, today announced it has entered into a share purchase agreement to acquire 100% of Latgala OÜ, commonly known as Lympo, a blockchain platform with the aim to reward people for exercising, for an upfront consideration of USD $1.38 million.
Lympo is a company that operates a blockchain platform to motivate people to lead healthier lives by rewarding users with Lympo tokens (LYM) when they exercise using the Lympo mobile app. LYM can be bought or sold on various cryptocurrency exchanges or used directly to purchase sporting goods on the Lympo Shop. Lympo has approximately 300,000 users, located primarily in the U.S. and South Korea, and a social media base of over 75,000 followers.
Lympo is one of the first blockchain apps in the world to partner with the Samsung Blockchain Wallet, which provides seamless transfer and storage of LYM tokens. In 2019, Lympo was featured in the Silicon Valley Samsung Developers Conference as one of the first blockchain projects collaborating with the Samsung Blockchain Wallet. Lympo also hosted a Healthy Habit Month in cooperation with Samsung Health in the U.S. in November 2019 to inspire thousands of users to build healthy habits.
Through the Acquisition, Animoca Brands will obtain all LYM held by Lympo. At the time of writing, LYM has a price of USD $0.002902 (obtained from CoinMarketCap) and has a market capitalization of approximately USD $2.4 million. There are over 75,000 holders of LYM tokens at present. LYM is currently paired with Bitcoin (BTC) and ether (ETH) on Huobi Global; with BTC, ETH, and Tether (USDT) on KuCoin; and with BTC, ETH, and USDT on Gate.io. LYM can also be traded on GOPAX using South Korean won, as well as on Bitfinex using US dollars.
Upon acquiring Lympo, Animoca Brands will work to support LYM within its existing token ecosystems including the REVV Token, the utility token for blockchain motorsports that powers F1 Delta Time and the upcoming games based on MotoGP and Formula E. Animoca Brands will also leverage Lympo’s existing partnerships, customers, and token holders to grow engagement for sports-related NFT collectibles. Among various other post-acquisition initiatives, Animoca Brands and Lympo will work on the production of a gamified “hero” collectible system that will tokenize accomplished athletes; the collectibles will be obtainable and upgradeable using LYM.
Animoca Brands Limited, has acquired 100% of the issued and outstanding share capital of Latgala OÜ (Lympo) for an upfront consideration of USD $1.38 million, payable in shares of Animoca Brands based on a price per share of the higher of A$0.25 or the market price of the shares as of the closing date of the acquisition.
If Lympo achieves certain revenue milestones during the one-year period following the closing date of the Acquisition, Animoca Brands will pay the Lympo shareholders up to USD $1.5 million earnout payments, payable in cash or shares of Animoca Brands, at the company’s sole discretion. If Animoca Brands elects to make the earnout payments by shares, the shares of the company will be based on a price per share of the higher of A$0.25 or the 14-day volume-weighted average price of shares of Animoca Brands as of the date when the calculation period for the revenue milestones ends.
CryptoNinjas » Animoca Brands to acquire blockchain-powered fitness app Lympo (LYM)