Tech acquisitionsI always laugh when news of an acquisition comes out because it completely exposes who understands and is bought in on the plan and vision and who doesn't get it or is hoping to snag a day trade.
Tech acquisitions are ALWAYS met with disdain.
'They overpaid'
'They bought what?'
'It was only a million dollars, must be useless'
When Facebook bought instagram for $1bn people said 'you paid that much for an app that JUST does photos?!'
Bottom line is, this piece of the Passwallet business wasn't core to what they were doing so they sold it and took mostly Fobi stock in return. Will probably prove to be a very shrewd move and a win win.
Rob has a plan and that plan is to build an infrastructure that supports the world's only Universal Wallet that is globally accepted.
If that plan comes to reality you can expect this to be about 20-30x where it is now. Minimum.
If this were an American company born in the valley it would already be a unicorn and Rob would be doing thanksgiving at Elon's house while Elton plays piano.
As it is they took the long way round but it sure as hell doesn't mean they won't get there in the end and i intend to be very much here for it.
GLTA