Social Media Firm Hello Pal Acquires Dogecoin Mining Outfit for $3.5 Million
- Hello Pal has acquired Dogecoin and Litecoin miner Crypto Pal.
- The firm says it is the first publicly listed entity with primary exposure to Dogecoin.
Canadian company Hello Pal has acquired miner Crypto Pal Technology Ltd. in a deal worth $3.5 million. Hello Pal claims the deal makes it the “only listed issuer primarily focused on mining Dogecoin.”
Established in 1986, Hello Pal is listed on the Canadian Securities Exchange and several other exchanges. It provides a social media app that lets users learn languages, share travel experiences, and message friends.
The platform also offers a digital wallet to hold cryptocurrencies, like Bitcoin and Ethereum. Hello Pal is currently upgrading its platform to enable access to Dogecoin across its products.
The acquisition also means that Hello Pal gets access to (LTC) mining—currently, Crypto Pal owns 12,500 mining rigs “hosted across multiple locations” that are also actively mining Litecoin.
The company said that the purchase price for a 51% stake in Crypto Pal consisted of $1.5 million in cash and 1,800,000 shares.
Currently, DOGE, the sixth-largest cryptocurrency by market cap, is changing hands in the region of $0.32, having lost almost 19% in price over the past seven days.
Dogecoin for the people
Hello Pal founder and CEO KL Wong said that the token is “often referred to as ‘the people’s coin,’ is being rapidly accepted and adopted internationally. We anticipate gains to our user base and live streaming services from the integration of Dogecoin.”
The firm noted that Dogecoin mining doesn’t require excessive computational power, and the coin is easy to use for payments.
Dogecoin is one of the oldest cryptocurrencies on the market. Thanks to the CEO of Tesla and SpaceX, Elon Musk, the project is enjoying renewed public attention.
Musk is working with developers to make the project more environmentally friendly than Bitcoin and even suggests that it can win against Bitcoin if certain major network changes are implemented.
Earlier this month, Musk also announced that his rocket company, SpaceX, will launch DOGE-1, the first-ever commercial Lunar payload paid entirely in Dogecoin.