Machine learning is one of the most important technologies in the financial services industry. Today, a leading fintech platform for e-commerce, Cryptyde has announced it has acquired Forever 8 Fund. Forever8’s acquisition lays the foundation for Cryptyde’s fintech portfolio and positions Cryptyde to generate revenue from the F8 acquisition, beginning in Q4 of 2022.
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“We are pleased to have closed this pivotal acquisition of Forever 8, which will not only add revenue, it also positions Cryptyde as a future leader in the financial technology space,” said Brian McFadden, CEO of Cryptyde.
Forever 8 Fund, LLC, was founded with the purpose of developing a unique way of funding inventory for e-commerce businesses.
With a global presence, Forever 8 has approached its sector differently by developing a technology-driven capital solution focused on taking product risk directly. When considering a business for its solution, Forever 8 first determines which products qualify for inventory funding within the customer’s product portfolio, using a proprietary due-diligence tool that assesses a number of parameters including sales, supplier terms and product category risk.
Brian added, “We believe we have a unique offering within the fintech universe, with Forever 8 providing an opportunity to combine machine learning technology with the blockchain to better improve and streamline multiple industries. We are excited for the future ahead and welcome the Forever 8 team to our Cryptyde team, as we scale the business” added McFadden.
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“I am excited to be a part of the Cryptyde team and am confident in its ability to incorporate Forever 8 into Cryptyde’s expanding ecosystem of disruptive technology,” said Forever 8 Co-Founder, Paul Vassilakos.
