Fort Lee-based GD Entertainment and Technology (GDET), a provider of cryptocurrency mining and mining colocation services, acquired DreamCard, LLC. The move represents the first step along a new path, as GDET expands into the cryptocurrency-backed “white-label” credit and debit card market.
GDET CEO Anil Idnani comments, “We are thrilled to have the DreamCard team under our roof and firmly on board as part of our growing family. Once we all got around a table, this was a no-brainer. We all share the same vision on a very deep level. Blockchain is tomorrow’s future and we plan on being industry leaders on all fronts.”
DreamCard CEO, Maximillian Hellerstein, says, “We built DreamCard with the intention of elevating the relationship between an individual and his or her charge cards. Originally, our focus was purely on stylistic personalization and material upgrading (plastic to metal) of the card itself. While developing this technology and launching the consumer facing product, DreamCard, we began to experiment with the ability to create other uses for everyday cards, including experimentation with traditional cards that carried the expanded functionality to double as cryptocurrency “cold-storage wallet” debit cards. Almost immediately, we saw huge potential ahead, but we were wading into unfamiliar waters and needed a partner with expertise in crypto and blockchain. Eventually, we came into contact with Anil and his team at GDET, who shared our vision. And things moved quickly from there.”
Hellerstein will continue to be involved throughout the transition period and will serve on the GDET Advisory Board going forward.
The integration of DreamCard into the company’s operations and strategic vision has already begun and will incorporate GDET’s expertise in the crypto and blockchain space with DreamCard’s passion for a strong intersection between form and function.
GDET, with its new team-members on board, plans to build and launch a crypto-backed, RFID-protected, personalizable metal payment card by Q1 2019 that is capable of making purchases at everyday merchants just like a standard bank-issued debit and credit card.
To access more business news, visit NJB News Now.Related Articles: