OV Loop, Inc., – America’s only cross platform tap & pay wallet/super-app and omnichannel commerce platform for people, merchants, and brands – is pleased to announce the acquisition of Cultos.io, the Web3 rewards application that enhances loyalty and engagement. OV Loop® helps merchants and brands directly reward and engage users via users’ private self-custody wallet, and helps consumers protect their identity while letting them tap & pay with their private cash at more places than Apple Pay®, Google Pay® and Samsung Pay® combined.
“Our acquisition of Cultos underscores our commitment to improving commerce experiences for consumers, merchants and brands,” said Will Graylin, CEO of OV Loop. “Our mission is to close the commerce loop between buyers’ wallets and sellers’ POS, to enable better user experiences and stakeholder economics for everyone in the community.”
Also Read: NIQ Brandbank launches new product data optimisation solution
From the perspective of Cultos.io, “Joining forces with OV Loop represents a unique opportunity to contribute to a more extensive vision,” said Andrew Yang, CEO of Cultos. “It’s an opportunity to elevate our technology to a broader audience and to be part of a solution that spans beyond rewards, touching broader aspects of the user engagement and transaction process.” Co-Founder and COO, Jeong Woo Park added, “We are excited to bring our Web3 experience to OV Loop and to contribute to a vision that aligns so closely with our core values.” The Dubai-based Cultos Global, which licensed Cultos’ Web3 platform, will continue to exclusively service their customers like Tata Elxsi in the Middle East, India, and other parts of Asia.
Over the past few years OV Loop has acquired multiple venture-backed fintechs to strengthen its team and technology and has positioned itself to become a true super-app commerce platform. It owns a powerful portfolio of mobile payment patents dating back to 2011 that are now licensed by the world’s largest mobile wallet providers. OV Loop is also asserting its IP rights and recently filed an antitrust law suit against Mastercard to demand equal access to bank tokens as Apple Pay and Google Pay, for its cross-platform tap & pay wallet and super-app.
SOURCE: Businesswire