Social Media Firm Hello Pal Acquires Dogecoin Mining Outfit for $3.5 Million

[Cz Rock]

Canadian company Hello Pal has acquired Dogecoin miner Crypto Pal Technology Ltd. in a deal worth $3.5 million. Hello Pal claims the deal makes it the “only listed issuer primarily focused on mining Dogecoin.”

NEWS RELEASE - Hello Pal Acquires #Dogecoin Miner Crypto Pal & creates first listed entity focused on $DOGE.

Click here to view the details: https://t.co/etbfH6ohpx pic.twitter.com/8kHsTRz2Ra

— Hello Pal (@HelloPalChat) May 27, 2021

Established in 1986, Hello Pal is listed on the Canadian Securities Exchange and several other exchanges. It provides a social media app that lets users learn languages, share travel experiences, and message friends.

The platform also offers a digital wallet to hold cryptocurrencies, like Bitcoin and Ethereum. Hello Pal is currently upgrading its platform to enable access to Dogecoin across its products.

The acquisition also means that Hello Pal gets access to Litecoin (LTC) mining—currently, Crypto Pal owns 12,500 mining rigs “hosted across multiple locations” that are also actively mining Litecoin.

The company said that the purchase price for a 51% stake in Crypto Pal consisted of $1.5 million in cash and 1,800,000 shares.

Currently, DOGE, the sixth-largest cryptocurrency by market cap, is changing hands in the region of $0.32, having lost almost 19% in price over the past seven days.

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