Arell Capital Acquires a Majority Interest in Korecoin
Austin, Texas - May 11, 2017 - Arell Capital & Co. has acquired a majority interest in Korecoin (KORE), a 2.5 year old crypto currency. Financial terms of the transaction were not disclosed.
Korecoin (KORE) is an ecommerce and privacy focused crypto currency. Their decentralized ecommerce KOREbay offering is based on the Openbazaar project, which has already received more than $4 million investment from venture capital firms such as Andreessen Horowitz and Union Square Ventures.
"Crypto currencies have grown from zero to a market cap of greater than $50 billion in less than 9 years" said Christian Johnson, a partner at Arell Capital. "Despite the huge growth, there is still no crypto currency that has much traction with every day transactions, which shows the potential of the market as a whole. We believe significant traction will soon occur in the ecommerce sector. We met with several ecommerce focused crypto currencies developers, and strongly believe KORE is the best positioned to take advantage of this enormous market. KORE has 2.5 years development behind it, and despite being funded entirely by the core developers, is close to achieving the holy grail of decentralised ecommerce with anonymity and optional anonymous VOIP communication. With the significant injection of capital from Arell Capital, KORE is well positioned to be the first crypto currency to gain mainstream ecommerce adoption in the USA. KORE has the aim of each coin being worth $10 and having 1,000 ecommerce sellers within 2 years, and we are excited to be with them on this journey".
About Korecoin
Headquartered in Austin, Texas, Korecoin (KORE) is an ecommerce and privacy focused crypto currency. KORE has been running a closed beta with 30 ecommerce sellers since January 1 2017, and is close to public launch. KORE was first to implement ground breaking code that fully incorporated TOR including a Functional PoS Wallet.
About Arell Capital & Co.
Arell Capital & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer-related, distribution and technology companies in the United States. Since its founding in 1983, Arell Capital has invested over
$3.8 billion in 56 portfolio companies with an aggregate transaction value of approximately $22 billion, and is currently making investments from FS Equity Partners VII, L.P. Arell Capital has offices in Los Angeles and New York. For additional information, visit
www.arellcapital.com.
