In recent days, while the price of cryptocurrencies has been falling, it is the situation of Kogan (KGN) that has caught the attention of several investors. And for good reason, the relationship between cryptocurrency and Bitbuy, one of the largest digital asset exchange platforms, is in the process of turn to vinegar.
Kogan and Bitbuy have a deal
Kogan is one of the largest online retailers in Australia. In mid-December, the company revealed that it had struck a deal with Bitbuy. In the agreement, it was stipulated that Kogan would become the owner of the Bitbuy.com domain. In addition, it was expected that Kogan and Bitbuy would collaborate with the aim of offering marketing support to Bitbuy for the launch of its activities in the Australian market.
When announcing the closing of the contract, David Shafer, CEO of Kogan, said that: “The sale of the domain not only generates profits for Kogan shareholders, but also benefits Bitbuy’s future success in the cryptocurrency industry overseas and potentially in the Australian market.”
However, there is a small change that has taken place. Indeed, a third company has entered the scope of the transaction: Wonderfi Technologies.
Wonderfi Technologies acquires Bitbuy
Wonderfi Technologies is a company specializing in the development of solutions that make the world of digital finance accessible to everyone by investing in assets and infrastructures that power decentralized finance. In order to develop its services and make them even more efficient, the company bought Bitbuy through a mix of stocks and cash.
Wonderfi Technologies is delighted with the agreement it has been able to establish with Bitbuy, since it allows it to introduce new products in the sector. For example, it can implement new tips to attract new users to market offers.
If Wonderfi Technologies can be delighted with this transaction, obviously this is not the case with Kogan who, let us remember, already had an agreement with the Bitbuy authorities. The situation is therefore tense between the three companies, even if so far the Kogan company has not commented on the subject.
The cryptocurrency Kogan (KGN) finds itself in the sights of investors due to the situation in which the company with the same name finds itself. While Kogan is supposed to have bought Bitbuy, the directors of this company (Bitbuy) subsequently concluded an agreement with Wonderfi Technologies for the same objective. How will the situation evolve? Difficult to predict!
Source: Fool
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