15th Jan 2021 10:10
(Alliance News) - Pires Investments PLC on Friday said it has completed its investment in decentralised finance technology platform developer DeTech Studio Ltd and used tokens received from the deal for additional investment.
Shares in technology company investor Pires were up 13% at 15.94 pence in London in morning trading.
Decentralised finance, as Pires explained: "Is a fast-growing global network of products running on the Ethereum network."
Pires has been issued four million tokens in DeTech's decentralised finance technology platform, YOP, with three million tokens subject to lock-in provisions for 12 to 18 months. The platform is set to become operational in the first half of 2021.
Pires said that, as its focus is on technology investment, it has used two million of its YOP tokens to subscribe for new shares in Pluto Digital Assets PLC. Pluto is a newly incorporated firm focused on "developing, supporting, advising and investing into digital assets built on Ethereum and other networks".
Pires said: "The investment in Pluto represents an exciting new investment into another technology company with a focus in the fast-growing digital assets sector but will also enable the company to reduce the risk profile of an exposure to a single new cryptocurrency token and, given the lock-up arrangements relating to the receipt of the YOP tokens, potentially provide the company with an earlier opportunity to realise the value of its investment."
By Anna Farley; [email protected]
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