Lynx Announces Its Metaverse Payments Strategy
The Company puts foundational work into virtual reality stage for financial services applications
- The platform will allow emerging and existing payment applications to thrive in the metaverse
- Tech giants already using 'metaverse' push as their growth strategy
- Lynx poised in 2022 to enabled financial inclusion for digital community through metaverse financial platform
Vancouver, British Columbia--(Newsfile Corp. - January 7, 2022) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") is pleased to announce its commitment to extend its financial infrastructure to include support for metaverse based services. This will further extend the Company's current offering to provide leading edge financial service to its targeted client base in the markets of Southeast Asia.
"While metaverse is widely discussed across all industries right now, for Lynx, we have always focused on building an inclusive digital economy. The ability to integrate the virtual economy to our legacy financial system is further opportunity to give access of everyday financial transactions to people, regardless of income level or where they live; for them to expand their own local economy," said Mike Penner, CEO.
From previous acquisition of BRB (Phillipinnes) and its other regional operations, Lynx has a bank and relevant crypto license, as well as electronic money issuer license. The focus is now to fully integrate the existing financial payment and infrastructure with a metaverse virtual community. The Company will be evaluating the opportunities in the metaverse but has identified two use cases that will be the focus of its initial product offering.
Two Initial Use Cases:
Play to Earn (P2E)
P2E is defined by a work population that are playing crypto based games to create and earn valuable digital items that can be sold to generate income. According to Reuters this model generated $2.5 Billion in the first half of 2021.
During Covid, the Play-to-Earn industry took off as hundreds of thousands of people switched from their careers as shop owners, pedicab drivers, and restaurant workers to become NFT gamers, effectively virtual factory workers building new assets in a new digital economy. This new drive and new crypto economy have given people the opportunity to replace their income in markets where the government has been unable to give them Covid payments. A true case of digital financial inclusion. Over half of these P2E users were from the Philippines and Vietnam. This highlights the scale of the opportunity for the Lynx platform as the region rapidly shifts to digital earning in a market that is still constrained with an underbanked population of 70 percent.
Currently, it is still cumbersome and expensive for these digital players to turn their NFT game earnings into cash and payments to buy groceries, pay their bills and meet their day-to-day needs.
Lynx is building that technology and payment layer that turns NFT gaming earning into real funds for day-to-day living. With Lynx's all-purpose digital payment and cash in/cash out wallet Play-to-Earn workers can easily cash out their NFT Token earnings into fiat cash or onto a Lynx prepaid card that allows them to buy groceries, pay their bills, and experience true financial inclusion. This will be done through Lynx's Metaverse Financial Platform.
Remittance Experience is Enhanced through the Metaverse
According to the World Bank, remittances (money transfers to low- and middle-income countries) is estimated at $540 billion dollars).
Lynx intends to re-imagine the global remittance product through a Metaverse enabled money transfer experience: by creating digital meeting spaces that will allow a remitter to visit with and communicate with their loved ones while facilitating the transfer of money in a streamlined, entertaining, economical, and secure way. The Company believes that becoming a leading player in Metaverse Remittances will have long term benefits.
Bill Gates recently stated that he believes that most business meetings will occur in the metaverse within the next 2-3 years. The Lynx Metaverse Payment and Financial Infrastructure will provide this capability to its user base and is working towards that goal now.
"I believe that this is potentially the most exciting time to be an entrepreneur in our financial history - the Metaverse, Blockchain, and Cryptocurrency technologies that we are poised to develop and deploy will change the financial landscape forever. It is the small companies with entrepreneurial management like ours that can be nimble enough to outperform the legacy incumbents and large players that are mired in their legacy systems - Lynx is positioning itself as the integrated technology layer that connects these new and exciting digital economy with the existing legacy systems so that users can easily move between the two worlds," concluded Mike Penner, CEO.
ABOUT LYNX DIGITAL GLOBAL FINANCE:
Lynx seeks to become a leader in financial technology, solutions, and services for large-scale merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital payment platform. The Company's payment solutions are powered by a broad suite of payment technologies and services. The Company has targeted banking and fintech relationships in ASEAN and Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network hub location to service and operate a global traditional and digital financial infrastructure. By working with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment platform with a full suite of payment solutions, which may include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The Company seeks organic growth while investigating potential strategic acquisitions that may contribute critical technology applications, additional services and revenue streams, and that can complement or enhance existing offerings and potentially increase or expedite the path to future profitability. While Lynx believes that significant near-term opportunities exist for the Company's strategic initiatives, there can be no assurance that goals and objectives will be reached or that any such underlying efforts or agreements will provide successful or positive outcomes should they be implemented.
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation, including the described initiatives of BRB and the goals and objectives of Lynx. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lynx to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs, or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Lynx will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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