Xigem Technologies to Add Cryptocurrency and Payment Gateway Capabilities to its FOOi Mobile Payment App
September 28, 2021
TORONTO, ON, September 28, 2021 – Xigem Technologies Corporation (“Xigem” or the “Company”) (CSE:XIGM; OTCQB:XIGMF; FSE:2C1), a technology provider for the emerging remote economy, today announced plans for the research and development of cryptocurrency payment gateway and processor capabilities for FOOi, its recently acquired mobile payment app. When complete, the additional functionality will extend FOOi’s core capabilities of enabling digital payments through peer-to-peer and peer-to-business transactions.
A strengthened, cryptocurrency-enabled FOOi will deploy the most efficient and advanced technology in an easy-to-use payment app that delivers important benefits to both merchants and consumers. FOOi merchants will be able to use cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash for their business, in addition to traditional or fiat currencies such as U.S. dollars. FOOi will be integrated with the most popular eCommerce platforms, allowing merchants to accept cryptocurrency payments from customers.
FOOi users will be able to exchange their funds into cryptocurrency instantly and make transfers between peers, as well as using FOOi to complete payments on a checkout page. FOOi will retain its traditional advantages of easy setup, low transaction fees, full transparency and customer privacy.
“The cryptocurrency payment gateway market is experiencing a period of rapid growth, and feedback from prospective FOOi merchants consistently calls for us to prioritize these enhancements,” said Anton Tikhomirov, chief technology officer of Xigem. “We plan to build on the existing strengths of FOOi to launch a differentiated payment app that can meet the evolving needs of consumers and businesses.”
The Company plans to integrate FOOi as a payment gateway across all Xigem products to drive user adoption. When finalized, the added functionality is expected to attract a new category of merchants, and in turn, their customers. FOOi Bluetooth Beacon technology will also be extended to allow transfers of cryptocurrency when another FOOi user is within range of the Bluetooth beacon.
More than US$1.5 trillion is held in digital currencies worldwide which are increasingly being used to purchase goods and services. According to Chainalysis, payment platforms that help retailers accept Bitcoin and other digital currencies handled US$1.42 billion in transactions in the three months ending in June 2021, which is up 133% from the same period a year earlier.1
1 Bloomberg, “Amazon Has 1.55 Trillion Reasons to Start Accepting Crypto,” July 30, 2021.
About Xigem Technologies Corporation
Established in Toronto, Ontario, Xigem is positioned to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers and other organizations. iAgent, the Company’s patented technology, and FOOi, its proprietary peer-to-peer mobile payments app, will provide organizations, businesses and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments, while the Company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. In particular, forward-looking statements in this news release include, but are not limited to, statements with respect to (i) the Company’s plans to expand the functionality of its FOOi payment app, (ii) the Company’s ability to integrate FOOi into other Xigem products, and (iii) the ability of FOOi enhancements to drive user adoption and deliver benefits to merchants and consumers. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to the Company’s inability to secure or maintain regulatory, exchange and/or other approvals necessary to continue its business operations as proposed. Although the management believes that the expectations and assumptions on which such forward looking information is based are reasonable, readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this news release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forwardlooking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Xigem Technologies Corporation
On behalf of the Company:
Brian Kalish, Chief Executive Officer