Pires Investments plc (AIM: PIRI) has completed an investment in DeTech Studios Limited that was announced in December. DeTech is a DeFi platform that will be issuing “YOP” tokens ( Yield Optimization Platform & Protocol). Pires receives 1,765 new ordinary shares in DeTech representing a 15% stake in the firm. Pires has invested $200,000 in the firm.
As part of the deal, Pires has received 4 million TOP tokens with 3 million locked for 12 to 18 months (beginning December). Specifics on the actual investment amount were not revealed. YOP tokens have an 88,888,888 max supply.
Pires says it has used 2 million of its YOP tokens to subscribe for new shares in a digital assets technology company, Pluto Digital Assets plc (“Pluto”), a newly incorporated company that plans to focus on developing, supporting, advising, and investing into digital assets built on Ethereum and other blockchain protocols.
According to Pires, Pluto will primarily be focused on DeFi technologies and will be supporting projects with advice on technology, community development and networks.
Atif Yaqub, founder and director of DeTech, is also a founder and director of Pluto.
The investment in Pluto represents an exciting new investment into another technology company with a focus in the fast-growing digital assets sector but will also enable the Company to reduce the risk profile of an exposure to a single new cryptocurrency token and, given the lock-up arrangements relating to the receipt of the YOP tokens, potentially provide the Company with an earlier opportunity to realise the value of its investment.
Further information on YOP can be found at https://yop.finance and further information on Pluto can be found at https://plutodigitalassets.com .
Peter Redmond, Chairman of Pires, commented:
“We are both pleased with the progress of YOP and, at the same time, the opportunity to make another investment in the very exciting and fast-growing digital assets sector. ”
Full announcement below: