World News: 17:42 GMT Wednesday 15th May 2019. [APPLIQATE, INC via Globe Newswire via SPi World News]
LEHI, Utah, May 15, 2019 (GLOBE NEWSWIRE) -- ("Appliqate" or the "Company"), a Wyoming Corporation, announces the acquisition of CentsApp, a UTAH company, effective immediately.
CentsApp is an online bill-pay and debt reduction platform. CentsApp makes monthly payments using the roundups from members purchases to help erase compounding interest on your debt, with the goal of saving the average member hundreds of dollars. Using Cents, members make small, manageable payments using the spare change from their everyday purchases. By paying early and often, members prevent interest from compounding, saving both time and money. The lead investors for CentsApp were Adam Nugent of Foresight Wealth Management - Draper Utah and Tyler Dickman. Adam Nugent stated “This is a great opportunity for CentsApp and Appliqate to create a very effective financial tool that helps people reduce debt and pay their bills using both traditional currency and cryptocurrecy.
Combining CentsApp with Compchain will give the users an ability to pay their bills online using Compcoin(Coco) directly from a crypto wallet. The combination enables immediate and secure cryptocurrency payments to thousands of vendors. Compcoin is a Sha-256 POW hashing algorithm that is used for the Compchain digital payments platform.
Members of Compchain can buy or earn the crytpocurrency Coco. Once a member has Coco they can spend the cryptocurrency on the Cents platform. The consumer’s cryptocurrency will be converted to U.S. dollars in real time for payment to the merchant. This is invisible and frictionless to both the consumer and the merchant.
“This is the first time real life bills can be paid with cryptocurrency in a seamless and transparent way.” said Appliqate CEO Darren Olayan in a statement. “The legacy payment systems are complicated and costly. This solution provides a way for cryptocurrencies to solve the problems for everyday working people. Finally the power of the blockchain is being delivered to the masses in an impactful way.”
Globe Newswire: 17:42 GMT Wednesday 15th May 2019
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