Troika Media Group Acquires NFT, Crypto Platform Redeeem For $12.1M

Troika Media Group Inc TRKA subsidiary, Redeeem Acquisition Corp (RAC), has completed the asset and specified liability acquisition of fintech platform Redeeem LLC for $1.21 million in cash and $10.89 million shares of TMG that vest over three years.
Troika plans to integrate Redeeem’s digital blockchain products across its media services and offer non-fungible token (NFT) abilities, crypto payment APIs, mobile payment expertise, and other revenue-generating products capable of deploying digital tokens through TMG’s expansive brand network.
Redeeem has processed over $10 million in crypto payments since its 2018 inception and manages over $1 million in monthly trading volume.
Ten new employees will join Troika, including Redeeem CEO Kyle Hill, under the arrangement.
The acquisition of Redeeem increases Troika’s ability to significantly grow revenue and strategic opportunities to enhance the core businesses of Troika by immediately positioning the company as a go-to expert in the NFT and crypto space, particularly in sports, gaming, and entertainment business, Troika Chair and CEO Robert Machinist said.
Price action: TRKA shares traded lower by 0.86% at $2.92 on the last check Monday.