Fleming Island, Fla., April 28, 2021 (GLOBE NEWSWIRE) – OBITX, Inc., (OTCMKTS: OBTX), an advanced software and services development company specializing in blockchain technologies and decentralized processing, announced today hui having settled the debt owed to the Company in exchange for ownership of Render Payment, LLC. The Company earns $ 400,000 in assets and approximately $ 800,000 in intellectual property rights. Over the past four years, Render Payment has generated an average revenue of $ 1.6 million and a net profit of $ 600,000 from buying and selling cryptocurrencies. OBITX intends to reuse the use of Render Payment’s intellectual property, in particular its developed and functional software application using blockchain. Render Payment was originally designed to act as a third party payment collaborator bridging the gap between FIAT currency and cryptocurrencies. OBITX intends to use parts of the protocols established with the proprietary software in the development of a blockchain certificate of deposit and rewards program that it intends to launch in the near future.
Eric Jaffe, CEO of OBITX, said: “It is always a good thing to be able to address historical issues and it has a positive effect on the future. Settling an unpaid debt that was written off years ago shortens the time needed to complete the development of our planned new product line, a rewards program based on the use of blockchain technology.
OBITX will not carry the value of intellectual property on its books. The objective of the acquisition was to access specific code developed by industry experts that would reduce the time to market for major research and development software developments. Mr. Adams, the CTO of the company went on to say, “We will dissect the software developed by Render Payment where we will use elements of its innovative coding in a new product that we are developing and plan to roll out in the second quarter of This year. We intend to apply for patent protection before the product is released to the general public.
Based in Fleming Island, Florida, OBITX, Inc., (OTCMKTS: OBTX) is a consulting and services organization specializing in blockchain technologies and decentralized processing.
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