Software solutions company InFocus Group (ASX: IFG) has secured a $2.45 million contract to develop a cross-border stablecoin-based payment platform for Seychelles-based social gaming company GBO Assets.
Under the terms of the deal, InFocus will use its expansive data analytics and software engineering capabilities to design a full-featured cryptocurrency payment system with an artificial intelligence (AI)-powered order-matching engine to optimise spreads and liquidity pools.
GBO is an existing partner of IFG and is developing the payment processing system for future sale or licensing.
InFocus will deliver the system through an integrated service approach using the company’s enterprise-scale software engineering consultancy Prodigy9, its software and platform development unit Onify and InFocus Analytics division.
The completed project will enable seamless cross-border remittances and currency exchange using stablecoin-denominated payments.
InFocus chief executive officer Ken Tovich said the company was keen to deliver the new project for GBO.
“We believe we are well positioned to deliver an end-to-end digital solution of this scope, which takes advantage of our software engineering and data analytics capabilities as well as our expertise in frontier technologies such as AI, machine learning, digital assets and big data,” he said.
InFocus regards the new engagement as a “high-profile opportunity” to demonstrate its newly expanded team’s abilities following the company’s acquisition last year of Bangkok-based consultancy firm Prodigy9.
Prodigy9 develops data analytics platforms for the retail, consumer goods and fintech sectors.
It has a client base spanning the top echelons of the Thai insurance, consumer electronics and transportation industries.
InFocus signed a $4m contract with GBO Assets in November for the delivery of a new digital and social gaming platform known as VigoBet Tech.
The 24-month agreement represents the company’s single largest contract to date.
The crypto payment platform project brings the total potential contract value for work that InFocus has secured with GBO Assets to more than $6.43m.
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