Qenta, a financial infrastructure platform, has acquired Noble Money, an international remittance platform, to improve financial inclusion in emerging markets.
Noble aims to scale the use of digital currencies around the world. It is backed by 8 VC, Tribe Capital, Social Capital, Green Sands Equity and more, who now all join Qenta’s investor group.
The combined companies are making. Regional push as Palau considers legislation that would adopt gold-backed digital currency, to be administered by Noble, as an official national currency alongside the US Dollar.
Qenta’s digital gold token, G-Coin, launched in the US in 2019 and is currently available in 76 countries through digital asset exchanges. The G-Coin is claimed to be the appropriate solution for the gold-backed digital currency.
The G-Coin is a digital certificate of ownership to one gram of ethically sourced physical gold that is stored in insured and regularly audited vaults.
Qenta also has built a digital wallet functionality that lets users save gold as well as send fractions between peers or across borders.
Speaking on the deal, Qenta CEO Brent De Jong said, “The synergies between our businesses are clear, and we are excited to bring Noble onto the Qenta platform. Combining our regulatory footprint and technology with Noble’s will amplify our efforts around financial inclusion and access tremendously.”
Noble Money CEO Spencer Kaye also commented on the deal. Kaye stated that partnering with an established partner with large payment and regulatory infrastructure was the quickest way to bolster financial inclusion.
The United Nations is not so confident on the digital asset space. It recently called for the halt of cryptocurrency rising in developing countries. It has issued three policy briefs that explore the risks and costs, including the threats cryptocurrency and stablecoins pose to financial stability, domestic resource mobilisation and the security of monetary systems.
Copyright © 2022 FinTech Global
