SecureTech Innovations Inc. (OTCQB: SCTH) has completed a series of deals with QSTAK Holding LLC that give its Piranha Blockchain subsidiary its first operating business, the company announced. The agreements grant SecureTech a perpetual, exclusive, worldwide license to the QSTAK and QSTAKCHAIN blockchain technologies, including a public block explorer, the QSTAK Wallet for iOS and Android, and a browser extension, according to NEWMEDIAWIRE.
The license excludes the QSTAK exchange and decentralized-exchange materials, along with related token portals, domain names, brands, and know-how. However, it covers future improvements QSTAK develops, including post-quantum security features and the QSTAK exchange, both of which are in advanced stages of development. The deal matters because it gives SecureTech a live blockchain network and wallet rather than requiring it to build from scratch, a process that would take years.
“Today marks a defining moment for SecureTech and the day Piranha Blockchain becomes an operating business,” said J. Scott Sitra, SecureTech’s President and CEO. “With a perpetual, exclusive license to the QSTAK and QSTAKCHAIN technologies, we’re not starting from a blank slate. We’re starting with a live blockchain network, block explorer, and wallet, and a team already advancing post-quantum security.”
As part of the arrangement, the companies formed QSTAK Market, a Wyoming limited liability company owned 57% by Piranha Blockchain, 38% by QSTAK, and 5% by Craft Capital Management, which introduced the parties. SecureTech controls QSTAK Market and expects to consolidate its operating results. QSTAK Market intends to build on the QSTAKCHAIN platform to tokenize real-world assets. SecureTech also acquired a net 15% ownership interest in QSTAK for $4.5 million, paid in newly issued shares of Series A Preferred Stock rather than cash, a structure the company says strengthens its balance sheet and aligns it with the technology team. SecureTech expects to generate initial revenue in the current fiscal quarter.
The deal comes as tokenization of real-world assets has grown from concept to market. Real-world assets on public blockchains rose from around $14 billion, in January to about $23 billion by mid-March, a 66% increase, led by Treasury and money-market funds tokenizing gold and equities.
The Vanderbilt Report noted that the QSTAK deals give SecureTech another business line while protecting common shareholders, and that QSTAK’s 38% stake in the venture aligns its team with the market’s success. The firm cautioned that QSTAK Market has no revenue yet and that risks include liquidity and losses. For those following SecureTech Innovations’ trajectory, the license represents a second business built on live blockchain technology with a post-quantum roadmap, on terms that leave the common share count untouched. The content was originally published on Benzinga.
