Blockchain gaming business Animoca Brands has declared that it will get fitness application Lympo through its completely owned subsidiary, Animoca Brands Limited, for an upfront consideration of approximately US$1.4 million.

Lympo serves as a blockchain platform that supports users begin a healthy life by compensating them with Lympo Tokens (LYM) when they exercise. It is also developing a data-sharing ecosystem, that will connect fitness and wellness stakeholders with users via a blockchain-based reward system that’s connected to users’ health and fitness data. Lithuania-based Lympo requires that there are currently extra 75,000 holders of LYM.

With the takeover, Hong Kong-based Animoca Brands will acquire all LYM that Lympo currently operates. The purchase price will be payable in Animoca Brands shares on a per-share basis of 0.25 Australian dollars (US$0.19) or the market price of the shares as of the deal’s closing date is higher. The acquisition will support Animoca Brands to develop LYM in its present token ecosystems including its REVV Token, the service token that powers blockchain game F1 Delta Time and forthcoming games based on events like MotoGP and Formula E.

The settlement also specifies that if Lympo accomplishes specific revenue milestones during the one year following the closing date of the acquisition, Animoca Brands will pay the fitness company an additional US$1.5 million earnout payment that will be payable in cash or shares. The company has not revealed the revenue pillars that will create Lympo eligible for this payment.

Disclaimer:

The information contained in this article is for educational and informational purposes only and is not intended as a health advice. We would ask you to consult a qualified professional or medical expert to gain additional knowledge before you choose to consume any product or perform any exercise.

Paayel
Author

Paayel is a correspondent at Sportz Business Magazine and pursuing Journalism from Lady Shri Ram college. She is an aspiring and passionate journalist, who is on her way to gain more knowledge and wisdom.

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