Animoca Brands Announces to Acquire Fitness Application Lympo
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Animoca Brands Announces to Acquire Fitness Application Lympo

December 18, 2020      Vandana Malik

Animoca Brands, a blockchain gaming company has recently announced its plans to acquire Lympo, which is a fitness application. Lympo is the kind of app that encourages people to lead a healthy life and rewards the users of the app with Lympo (LYM) tokens. All the users are rewarded with LYM tokens when they do exercises using this app. The app is also creating a data-sharing ecosystem, through which they are aiming to connect both fitness and wellness stakeholders to the users. This will be done through a blockchain-based reward system. Currently, there are around 75,000 holders of LYM token, across the world. 

Animoca Brands Will Receive All Lympo’s LYM

Moreover, it is revealed that with this acquisition of Lympo by Animoca Brands, they will receive all the LYM tokens that the firm is currently holding. The firm will be paying the acquisition price in their shares only and there are two options for this. 

It will be either paid on a per-share basis of $0.19, or the market price of the share on the date when the deal is closed. Whichever will be of the higher price, will be selected for giving the acquisition price. Other than the acquisition price, Animoca Brands is also required to pay an additional $1.5 million earnout payment if it is able to reach certain revenue milestones in a one-year period. The earnout payment could be either paid in cash or shares.

Developing LYM Within Existing Ecosystem 

Animoca Brands is aiming to develop the LYM token, within its existing ecosystem of tokens, which also includes the REVV token. It is a utility token that powers several blockchain-based games like F1 Delta Time and others. As far as the revenue milestone is considered, the firm has not revealed any particular details about it yet. 

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.