Vemanti Group Shifts Focus Back To FinTech, Cryptocurrencies, and Digital Assets

Rhea-AI Summary

Vemanti Group (OTCQB: VMNT) has announced a strategic shift back to FinTech, cryptocurrencies, and digital assets following the mutual rescission of the VinHMS Pte. acquisition on December 20, 2024. The company has reappointed Mr. Tan Tran as CEO and is in advanced discussions to acquire a controlling interest in a prominent Southeast Asian cryptocurrency exchange.

The company plans to release financial technology products focused on cryptocurrencies and digital assets, including the reintroduction of a USD-backed stablecoin. This strategic redirection aims to capitalize on the growing integration of cryptocurrencies and blockchain technologies in the global financial landscape, with the ultimate goal of uplisting to NASDAQ.

Positive

• Advanced discussions to acquire controlling interest in a major Southeast Asian cryptocurrency exchange
• Planned reintroduction of USD-backed stablecoin product
• Strategic focus on high-growth FinTech and cryptocurrency sectors

Negative

• Discontinued previous business direction with VinHMS acquisition rescission
• Strategic pivot indicates previous strategy was not optimal

IRVINE, Calif., Dec. 24, 2024 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. ("Vemanti" or the "Company") (OTCQB: VMNT) today announced a significant strategic redirection towards FinTech, with a specific emphasis on cryptocurrencies and digital assets. The move reaffirms the Company’s commitment to leveraging its strengths within the rapidly evolving digital economy. The fundamental pivot follows a mutually agreed-upon rescission of the acquisition of VinHMS Pte. Ltd. (“VinHMS”), completed on December 20, 2024, enabling the Company to optimize its focus and resources back to these dynamic sectors which have been integral to its initial vision. The decision to unwind was mutual and amicable, reflecting essential business reorientations beneficial to both entities. The parties maintain a cordial relationship and are open to potential future endeavors that match their respective business objectives.

In line with this core realignment, the Company has reappointed Mr. Tan Tran as CEO, who will lead the company through this transformative phase. Building on this momentum, the Company is already holding advanced discussions to acquire a controlling interest in a globally recognized cryptocurrency exchange, widely popular among users in Southeast Asia.

"The global financial landscape is rapidly integrating cryptocurrencies and blockchain technologies," said Mr. Tran. "Their rapid adoption and sustained growth globally even among institutional players ensure that our refocused shift towards these areas not only aligns with market trends but also leverages our strengths and partnerships."

Going forward, the Company is planning to release financial technology products centered mainly around cryptocurrencies and digital assets, including the reintroduction of its previously announced USD-backed stablecoin, aimed at facilitating secure, fast, low-cost, and borderless transactions. This new direction is designed to deliver substantial shareholder value and establish the Company as a formidable player in Southeast Asia.

"We are establishing a robust foundation for accelerated growth in the cryptocurrency domain," added Mr. Tran. "The anticipated acquisition of the cryptocurrency exchange is critical to our financial growth, greatly broadening our product capabilities and market presence to strengthen our commitment to uplisting to NASDAQ, a long-standing goal we have steadfastly pursued.”

About Vemanti

Vemanti Group, Inc. is a diversified technology holding company with a focus on the emerging markets of Southeast Asia. We operate across various sectors of innovative leading-edge digital services. We seek growth through strategic partnerships, joint ventures, or mergers and acquisitions with established businesses. By leveraging synergies and complementary strengths of these relationships, we look to diversify and expand our market reach. Ultimately, as a publicly traded company, we're committed to creating long-term value for our shareholders while actively seeking out new opportunities. Learn more at: https://vemanti.com

Legal Disclaimer

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information

Vemanti Group, Inc.
Investor Relations
+1.949.559.7200
ir@vemanti.com

FAQ

What is Vemanti Group's (VMNT) new strategic direction announced in December 2024?

Vemanti Group announced a strategic shift back to FinTech, cryptocurrencies, and digital assets, following the rescission of the VinHMS acquisition.

What cryptocurrency exchange is VMNT planning to acquire in 2024?

While Vemanti Group announced advanced discussions to acquire a controlling interest in a Southeast Asian cryptocurrency exchange, the specific exchange was not named in the announcement.

What financial products is VMNT planning to launch?

Vemanti Group plans to release financial technology products centered around cryptocurrencies and digital assets, including a USD-backed stablecoin for secure, fast, and low-cost transactions.

Who is the new CEO of Vemanti Group (VMNT) following the December 2024 reorganization?

Mr. Tan Tran has been reappointed as CEO of Vemanti Group to lead the company through its transformative phase.

What are VMNT's plans for stock market uplisting?

Vemanti Group has expressed a commitment to uplisting to NASDAQ, which they describe as a long-standing goal they continue to pursue.