The Singapore-based CyClean.IO has purchased a little known but innovative Hong Kong shared bicycle company. The acquisition would have been unremarkable but for the fact that the transaction was completed entirely in crypto.
The CyClean Platform acquired 60 percent of the share capital of IMusic Things Limited, which is the holding company of the Ketch’Up Platform on 29th of June. The deal was struck in Hong Kong Science Park and was made using cryptocurrencies: 50 percent as CyClean coins and 50 percent as JPAY coins.
According to the company, this is the first time in the cryptocurrency industry where an acquisition was solely done by cryptocurrency and not cash nor spot goods.
In its blog CyClean said:
“CyClean has done something no other cryptocurrency project has ever done. Ever. We are thrilled to announce the acquisition of Ketch’Up, a bike sharing company that is ranked 3rd in Hong Kong. Yeah, you may be saying acquisitions happen all the time. However, we are the very first to purchase a company using cryptocurrencies.”
Ketch’Up is Hong Kong’s biggest bike sharing platform. It is installed in Hong Kong Science Park and several areas close to Hong Kong’s public transportation hubs. It provides Smart Locking systems, GPS tracking, a Manager app and Buyer-shares-profit-model through its rental services.
People purchase a Ketch’Up bicycle, which is then rented to other people who need to travel around the city. GPS tracking allows the owner to keep an eye on the location of their bike. Those renting can open the app on their phones to check the distance travelled and the fees they need to pay.
To complete the acquisition, Singapore based CyClean Platform acquired rights to Ketch’Up’s leadership and shares through the transfer of CyClean and JPAY tokens.