What kind of company would be magnanimous — or foolhardy — enough to pull another company out from the grave?
Philippines-based bitcoin startup Satoshi Citadel Industries (SCI) is one shimmering example. Today, it has announced the acquisition of Reza, a defunct bitcoin stock trading company based in Silicon Valley.
The Silicon Valley-based company enables any Bitcoin user to make investments in bitcoin or fixed income stocks in the US or other international stock exchanges via a mobile app. Traders can choose to invest in three portfolios — Conservative, Moderate or Aggressive — which are sorted by its degrees of risks and returns. They then, of course, can track them.
This ambitious project, however, fizzled out about four months ago despite receiving a seed funding of US$357,000 from Boost VC and Digital Currency Group.
Some in the online community speculated that the company may have had run afoul of US Securities and Exchange Commission rules. Others suggested that users were not receptive to the beta product.
Thankfully, the SCI saw an opportunity to diversify its business through Reza and breathed new life into the floundering business through an acquisition.
“We’re thrilled that the Keza app is being relaunched with such an amazing team,” said Keza’s co-founder Simon Burns, in an official press statement.
“Keza was built for emerging markets users who don’t have access to global capital markets, which makes the Philippines a perfect match. We are excited that the vision of the company is being fulfilled,” he added.
Image Credit: SCI