GD Entertainment And Technology, a Fort Lee-based cryptocurrency mining service provider, announced it has acquired DreamCard LLC.
GDET said the acquisition will allow it to expand into the cryptocurrency-backed “white-label” credit and debit card market.
DDET said it plans to build and launch a crypto-backed, RFID-protected, personalized metal payment card by the first quarter of 2019 that can make everyday purchases.
“We built DreamCard with the intention of elevating the relationship between an individual and his or her charge cards. Originally, our focus was purely on stylistic personalization and material upgrading (plastic to metal) of the card itself. While developing this technology and launching the consumer facing product, DreamCard, we began to experiment with the ability to create other uses for everyday cards, including experimentation with traditional cards that carried the expanded functionality to double as cryptocurrency “cold-storage wallet” debit cards. Almost immediately, we saw huge potential ahead, but we were wading into unfamiliar waters and needed a partner with expertise in crypto and blockchain. Eventually, we came into contact with Anil and his team at GDET, who shared our vision. And things moved quickly from there,” Maximillian Hellerstein, DreamCard CEO, said.
Hellerstein will continue to be involved through the transition and serve on the GDET advisory board.
“We are thrilled to have the DreamCard team under our roof and firmly on board as part of our growing family. It’s not surprising that the management-level integration process has been so seamless. Once we all got around a table, this was a no-brainer and everyone could see it. We all share the same vision on a very deep level. Blockchain is tomorrow’s future and we plan on being industry leaders on all fronts,” GDET CEO Anil Idnani said.
Financial terms were not disclosed.