TRIDENT ACQUIRES 30 PCT STAKE IN TONGXIN'S WEB 3.0 E-COMMERCE PLATFORM ON TELEGRAM

KUALA LUMPUR, Aug 19 (Bernama) -- Trident Digital Tech Holdings Ltd (Trident), a Singapore-based digital transformation company, has signed a sales and purchase agreement to acquire a 30 per cent equity stake in Tongxin Innovation Ltd (Tongxin).

The transaction, valued at about US$3 million, will be executed through the issuance of Trident’s American Depositary Shares (ADSs) in the form of Class B ordinary shares to Tongxin’s shareholders. (US$1=RM4.21)

The deal values Tongxin, which operates the ToMe Web 3.0 e-commerce platform on Telegram, at approximately US$10 million.

In a statement, Trident said the strategic investment expands its Web 3.0 ecosystem and underscores its commitment to blockchain-enabled e-commerce solutions.

Trident Founder, Chairman and Chief Executive Officer, Soon Huat Lim said the acquisition aligns with the company’s mission to become a global leader in Web 3.0 enablement.

He said the integration of ToMe’s Web 3.0 commerce capabilities with Tridentity will enhance user experience and accelerate blockchain adoption in mainstream commerce.

Tongxin’s ToMe platform is built on Telegram, which has more than one billion users, and is designed to address e-commerce challenges through its “4F” value proposition, which is Fair, Fast, Friendly and Free.

The company has partnered with decentralised blockchain projects on Ton, which has a combined user base of over 10 million, with active communities in Dubai, Singapore and Hong Kong.

Tongxin has also reached preliminary agreements with real-world asset companies operating artificial intelligence-powered shopping malls in Southeast Asia. Its leadership team comprises former executives from eBay, PayPal, Tencent and JD.com, which it said positions the company to develop a global online and offline micro-business ecosystem.

The combination of its blockchain-based identity platform, Tridentity, with ToMe’s Web 3.0 infrastructure, will create a secure and authenticated digital commerce ecosystem.

-- BERNAMA