NEWS: HUMBL Announces Purchase of HUMBL Financial by Avrio, to Drive a Range of Financial Products and Services into the Global Markets
February 29, 2024 09:00 ET
| Source: HUMBL, Inc.
New York, San Diego, London, Abu Dhabi, Feb. 29, 2024 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) and Avrio are pleased to announce the acquisition of the HUMBL Financial brand, products and services by Avrio.
Avrio is the parent of several companies delivering licensed digital financial market infrastructure and services across public, private, and digital markets. Avrio’s ATS technology, Arkonis, is designed to be used by the operators of private markets that facilitate the issuance and secondary trading of securities and includes a Quotation Bureau, a Transfer Agent, and a Qualified Matching Engine for LP investors.
Avrio’s public market technology includes an API farm for exchange management (EM), order management (OM), portfolio management (PM) and client management (CM) and routes to global public markets. Avrio’s NFT technology provides exchange access and capabilities to trade digital asset securities and collectibles. Avrio technology is blockchain protocol agnostic.
Partnering with Avrio provides HUMBL Financial with the global market access needed to efficiently execute its strategies and scale rapidly in a competitive and complex market environment across stocks, options, crypto, commodities and digital assets; as well as traditional financial products and services that customers would expect inside digital wallets and web platforms.
Avrio will focus on issuing HUMBL Financial branded products and services, such as the BLOCK ETXs, into the consumer markets through digital wallets and web trading platforms. HUMBL Financial branded products and services may also include a range of other offerings that can be issued through banking partners, credit card partners, mortgage partners, lending partners and more.
“We believe HUMBL Financial can scale rapidly when provided with access to the right global trading markets, technology infrastructure and licenses available through Avrio and its ecosystem,” said Brian Foote, CEO of HUMBL. “This is the right home for HUMBL Financial to achieve its global scaling goals, while delivering brand recognition, equity and revenue share value for our HUMBL shareholders.”
“HUMBL Financial has developed new and innovative products, such as the BLOCK Indexes and BLOCK ETXs, that give retail investors new ways to access digital assets, and also deliver a range of new consumer financial products and services into digital wallets and web3 platforms,” said Lawrence Wintermeyer, CEO of Avrio. “HUMBL becomes a significant stakeholder in Avrio with this agreement, and we look forward to representing the HUMBL Financial brand and shareholders across the Avrio platform and network.”
The asset purchase agreement was consummated by Avrio and HUMBL for the equivalent of $5,000,000 (USD) of shares in Avrio, representing a 10% ownership stake for HUMBL, Inc. in Avrio Worldwide.
HUMBL also receives a revenue share of 2.5% on all HUMBL Financial branded products and services, for the lesser of five years or an Initial Public Offering (IPO) event for Avrio.
Lastly, HUMBL receives a board seat with Avrio as part of the agreement, which will be occupied by HUMBL CEO, Brian Foote.
"To Be Is To Do"...."To Do Is To Be"...."Do Be Do Be Do"
