NextPlay Technologies Inc. (NASDAQ:NXTP) Stock Rallies after Announcing New Acquisition

NextPlay Technologies Inc. (NASDAQ:NXTP) jumped 4% after announcing a definitive agreement for the acquisition of 100% of Token IQ’s assets. Token IQ is a leading digital assets management innovator through its smart, compliant digital token tech.

 Most importantly, token IQ has several unique capabilities, including giving crypto holders a solution to replace assets if they lose control or access. Equally, the company’s KYC solution is vital in solving various regulatory requirements.

With the acquisition, NextPlay will ok to license IP and integrate Token IQ’s solution into NextBank International to enhance the serving of cryptocurrency clients. NextPlay CTO and Token IQ founder Mark Vange said that Token IQ was created upon recognizing the need for digital assets to be considered securities in the future. He added that they are delighted to have Token IQ in the NextPlay family, considering the numerous synergies that have been created on crypto-assets management in the NextPlay ecosystem. With the addition, NXTP is worth watching.

Market Reaction:

On Wednesday, NXTP stock moved up 3.93% at $1.85 with more than 192k shares, compared to its average volume of 179k shares. The stock has moved within a range of $1.8000 – 1.9000 after opening the trade at $1.80.