At the start of this year, Gopher Protocol acquired a 50% stake in SPARE. This move could potentially bring the international fiat and crypto transfer capabilities to Gopher. Gopher is a company, which specializes in the Internet of Things and Artificial Intelligence technologies on mobile platforms. The company entered into an initial agreement with SPARE, which would see it get a 50% stake in the company. If it succeeds, this could mean that mobile payments and international crypto transfers become possible and seamless.
Details Of The Gopher Protocol Agreement
According to the agreement, Gopher will provide Spare with the needed operating costs and will fund $100,000 every three months until Spare becomes cash flow positive. The initial funding of $100,000 was provided on January 16. The CEO of Spare would continue in his position for 24 months at a salary of $10,000 a month. The current management would remain for 12 months.
Although Gopher considers the terms of the agreement to be binding. However, closing the transaction is also very important. There is thus no guarantee that a successful purchase agreement would be successfully completed.
Spare is a mobile ATM network platform, which uses new paradigms and software to offer unique financial services to underbanked and unbanked people. Besides that, it seeks to offer more convenience to the banked. Once the acquisition was closed, the Spare App would have the ability to turn any cash register in the Gopher Network into an ATM. Spare makes it easy to access money via a unique and secure system. The system ensures that users can securely access cash from virtual currency and use it in the real world.
According to the CEO, the deal with Gopher was important. This was because they had in their network millions of customers who are unbanked and underbanked. He said that Spare was always on the lookout for new services and products that they can offer their users.
Gopher is a development stage company that considers itself a provider of solutions in the IoT sector. It is always working to develop IoT, and AI enabled technology for the mobile platforms. The company has a huge portfolio of intellectual property. When this intellectual property is commercialized, it will include mobile application and cloud supporting software, smart microchips and much more.
Gopher envisions a global network. At its core will be the smart microchip technology, which can be installed on any mobile device globally. This system, according to Gopher, will be an internal and private network, shared by all mobile devices. It will ensure that there is shared processing, advanced database management, and enhanced features on mobile devices.
One of the technologies that Gopher has already developed is the Guardian Pet tracker. It is a derivative technology of the Guardian Patch Technology being developed by Gopher. This technology enabled users to conduct local tracking using a rechargeable battery source. In the near future, Gopher intends to release some pre-production units for limited testing.