Cryptyde Signs $93M Acquisition Deal for eCommerce Finance Firm

Blockchain technology firm Cryptyde signed an estimated $93 million acquisition deal for eCommerce finance company Forever 8 Fund that is expected to close before the end of this year.

Under the deal, Cryptyde will acquire all of the membership interests of Forever 8 Fund for up to $56.4 million through a combination of equity, convertible notes and debt assumption, plus $37 million in contingent cash or equity consideration, according to a press release on Thursday (Sept. 15).

Headquartered in Bethlehem, Pennsylvania and co-founded in 2020 by Quinn Cosgrave and Paul Vassilakos, Forever 8 provides funding solutions for eCommerce businesses selling on Amazon, Shopify and other top marketplaces. Using proprietary technology to review product sales data, the startup has developed a scalable platform to determine funding potential.

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“Forever 8 fills a crucial need for anyone selling products on the internet. They have proven there is a demand for their financing model with impressive growth over the past 18 months,” said Cryptyde President and CEO, Brian McFadden. “This is a phenomenal opportunity for us as Cryptyde begins to develop and deploy its core suite of products that will help power the future of Web3.”

By using a decentralized, SKU-based funding model, Forever 8’s process is entirely automated and does not require a personal guarantee, credit check or traditional lending requirements. Its approach involved buying inventory on its customers’ behalf, marking it up, and collecting the revenue as the products are sold, according to the release.

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“Cryptyde’s vision for how people will buy and sell goods and services on the internet is extremely innovative,” said Forever 8 Co-Founder, Paul Vassilakos. “The Cryptyde team has laid out a distinct roadmap, including tokenized funding and smart contract applications, to complement our technology that harnesses the power of the blockchain to improve e-commerce results and empower the entrepreneur.”