Companies launching ICOs generally give the impression that they need funds to finance their visions or growth. Rarely do we hear of such companies making an acquisition such as happened with Australia based startup CanYa.
The company which has been advertised as a P2P marketplace platform recently took over a software company prior to its ICO launch. BountySource which is another P2P platform dedicated to software developers was acquired by CanYa in a move seen as a strategic one indicating that the company is already planning ahead.
The CanYa ICO which has already ended targeted $60 million and the company plans to build a platform in which ‘cryptocurrencies would be put to real-world application’. The CAN token will be the means of transfer of value in the CanYa ecosystem which would be patterned after Craigslist. Users would have the option of converting their payments to fiat from the CAN token.
The significance of the acquisition was not lost on investors as BountySource, the company acquired by CanYa before its ICO concluded sales has been in existence for more than 10 years and has a customer base and social media followers that would naturally become a part of the CanYa community. The success of the acquisition attracted a lot of attention to the company that they became the target of a phishing scam and had to send security alerts to investors whom they encouraged to join in the fight against the scammers.
BountySource acquisition has given CanYa an access to a community of 40,000 software developers which will give traction to the community in which buyers and sellers are linked and everyone have the ability to make withdrawals in fiat using ATM. The period of acquisition though surprising shows that the company has what it takes to expand even without a crowdsale.