Financial insurance platform Qenta (website) has acquired digital currency company Noble Money, Inc. for an undisclosed amount, the FinTech said in a press release. Noble Money is working to scale digital currencies, starting with government adoption. The company is backed by investors that include 8 VC, Tribe Capital, Social Capital, and Green Sands Equity, all of which will join Qenta’s investor group.
“Combining our regulatory footprint and technology with Noble’s will greatly enhance our financial inclusion, and access efforts,” Qenta CEO Brent De Jong said in the release.
The release said the companies had made a “strong regional push” as the Pacific island nation of Palau considers legislation introducing a gold-backed digital currency – which Noble would manage – as an official currency alongside the U.S. dollar.
Qenta’s G-Coin digital gold token, which launched in the U.S. in 2019 and is available in 76 countries through digital asset exchanges, is the appropriate solution for this, the company said. Qenta’s Houston-based platform offers asset tokenization, multi-token wallets, alternative banking, cashless payments, and capital and risk management solutions.
“The fastest way to realize our vision of providing everyone with access to sound money is to partner with an established player with a large payment and regulatory infrastructure, as well as extensive experience in the private-public space,” said Spencer Kaye, CEO of Noble Money.