To ensure adherence to these laws, Silo Wellness and BitGift plan to collaborate with other providers and industry experts to establish and implement strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, encompassing identity verification, transaction monitoring, risk assessment, and regulatory reporting.Īccording to the terms, MONI would transfer the BitGift asset to Silo Wellness in exchange for 5,050,505 Common Shares of Silo (currently valued at CAD$100,000 as per the 20-day VWAP). When this transaction is completed, Silo Wellness will utilize the platform as a solution for addressing the challenges faced by licensed psilocybin operators in Oregon when complying with banking and anti-money laundering regulations. MoonPay ensures that compliance with their over 5 million customers will never be an issue as it provides top notch KYC and onboarding services. This brought the valuation of MoonPay to $3.4 billion, which in turn placed MoonPay as the largest and highest-valued Series A for any bootstrapped crypto company having over five million customers. In November 2021, MoonPay completed a round of Series A funding in the amount of $555 million. This new partnership with MoonPay comes with great quality and magnitude. Existing BitGift(R) users have already been able to open a cryptocurrency wallet to buy, store, send, or receive a crypto gift now, with the help of MoonPay, BitGift(R) users will be able to sell their crypto, convert their crypto into cash, and send/transfer funds to a bank account of their choice. Catering to both beginners and experienced users, the platform enables users to be able to provide its customers the use of Visa Debit Cards, as well as Onramp and Offramp services. BitGift's platform is designed to make the crypto experience more accessible and provide users with greater flexibility. This transaction is timely for MONI as we've been working to finalize our previously announced acquisition of MONI by an aviation company."īitGift(R), recently signed a Partnership Agreement with MoonPay. This technology will provide significant value to Silo and its clients. Moon Equity Holdings CEO, Frank Ottaviani, stated, "We are pleased to have entered into this agreement with Silo Wellness, and we are looking forward to integrating the BitGift platform into Oregon's psilocybin market and beyond.
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