TokenPay Crypto Project Purchases Equity Stake in Lingerie Business Naked Brand Group (NAKD)

In a recent filing with the U.S. Securities and Exchange Commission (SEC) the cryptocurrency startup TokenPay announced it purchased 6 percent equity stake in Naked Brand Group (NAKD). The crypto company paid $1.3 million in order to close this deal. NAKD is an Australian lingerie company known for working with the supermodel Heidi Klum.

TokenPay Purchases Stake In NAKD

Derek Capo, the CEO of TokenPay commented to CoinDesk that the move is just part of the diversification strategy that the company recently took. Back in December 2017, the firm sold its tokens for $20 million in BTC. Spending these tokens on equity investments is a hedge against cryptocurrency market volatility.

There have been several Initial Coin Offerings (ICOs) that gathered funds in 2017 and did not sell the proceedings. Now, after a bear trend, these firms have to sell larger amounts of tokens to remain operative in the market. Other firms that diversified their portfolios were able to face the bearish 2018 in a better way.

Capo commented about it:

“They (NAKD) also mentioned they are interested in working with a blockchain company for logistics. We’re interested in them accepting TokenPay’s merchant services platform so that they can accept crypto across all of their brands.”

At the same time, in a recent interview, Capo explained how they have spent the funds that they gathered in 2017. They spent $4 million buying equity in Germany’s WEG Bank AG back in 2018.

The firm is also interested in integrating TPAY or the TokenPay merchant services in other firms and companies. That includes the possibility of doing so in Naked Brand Group and WEG Bank AG. This would facilitate TPAY’s adoption in the future.

They have also purchased a 10 percent stake in the privacy virtual currency TokenSussie. This is a portfolio of virtual currency domain names that has also an undisclosed amount of equity in BlockSize.

At the same time, Capo explained that they have built a lot of infrastructures and closed a lot of deals. In the future, the intention is to release some products to the market and offer services to users around the world. At the moment, the firm retains 10 percent of its Bitcoin in a treasure. It has also spent $1.5 million on operating costs such as salaries.

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