Vanbex is a Vancouver based a blockchain company. It has sold its intellectual property to crypto brokerage Hyperion amid a criminal investigation. Vanbex sells two blockchain products to Hyperion amid criminal probe.
Vanbex is a consulting firm and blockchain development platform that has recently undergone several legal proceedings. This challenged the company with a new class-action attempt.
Co-founder of Vanbex, Lisa Cheng, said in a press release:
“This acquisition allows the value of the products and the business models they represent to continue under Hyperion’s banner.”
The blockchain technology products are Rocket and CryptoTaxes. Rocket offers a smart contract solution for the creation, deployment, and issuance of digital assets. Also, CryptoTaxes simplifies tax filings for capital gains and losses, for crypto asset trading.
The companies did not disclose the purchase amount for the two assets. Hyperion explains that the Vanbex FUEL token will connect Rocket and CryptoTaxes to the Hyperion system.
In 2017, Vanbex introduced FUEL. The token will continue to function as a utility-based cryptocurrency to pay transaction fees, integration of APIs, and digital asset ecosystem services.
“Hyperion has always focused on growth-to-value for its clients, investors, and stakeholders,” comments Michael Zavet, CEO of Hyperion. “Acquiring Rocket and CryptoTaxes was a strategic move enabling us to focus on a larger market share, which we are very excited about.”
Vanbex Group said it would continue to operate as a blockchain consulting firm with a focus on supporting Hyperion’s growth from its Vancouver, Canada offices.