Crypto Platform Uphold Acquires Mobile Payments Firm Cortex MCPbr>
Cryptocurrency platform Uphold has acquired mobile commerce and authentication firm Cortex MCP to strengthen its digital money platform with secure payment applications, leveraging Cortex’s mobile wallet technology.
Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. It allows anyone with a device to send, receive, and exchange money and commodities. Uphold claims to have facilitated over $2 billion USD in transactions since its inception in 2015.
Founded in 2012, Cortex MCP engages in developing an IP-protected mobile payment and wallet platform, with a focus on secure payment methodology and ID/credential storage and verification. With Cortex, digital wallet providers can reach more consumers without disrupting a merchant’s existing point of sale (POS) infrastructure.
Under the terms of the deal, Cortex founder Shaunt Sarkissian will head up Uphold’s payments team. Uphold will also acquire Cortex’s patent portfolio and immediately start work on new IP solutions, with an emphasis on authentication, tokenization, and blockchain-centric solutions.
Uphold said this acquisition will allow the company to offer new payments capabilities that leverage both cryptocurrency and fiat assets. In addition, the deal will allow for a new closed-loop payment platform expansion, building on Uphold’s remittance capabilities in Mexico, Latin America and other countries. It will also enable the company to offer new digital ID/authentication capabilities and additional security solutions for Uphold members’ accounts.
“Integrating the Cortex platform, IP, and solutions into Uphold’s platform is a big leap forward for the payments industry,” said Sarkissian. “Many more merchants and service providers will now be able to safely accept cryptos, giving businesses and consumers the widest possible choice.”
The acquisition comes roughly a month after Uphold announced it has entered into a $57.5 million partnership with former Fed Reserve senior analyst and Ripple chief risk officer Greg Kidd.