Founder of Playtech making substantial investment in new digital wallet

Playtech’s Founder and previous CEO, Teddy Sagi, has announced that he has a new product in the works that will see him invest in excess of $100 Million. This information came to light after the Financial Times posted an article relating to Mr Sagi creating a new digital wallet that will be branded alongside SafeCharge.

In order to get this project off the ground Sagi took it upon himself to sell off a large portion of the stock he still had with Playtech. The new product will have synergy with online gambling but will also have applications that will allow for the new digital wallet to be offered on shopping websites and more. The company being run by Mr. Sagi claims that they have technology that will allow for 300 High Speed transactions per second of the day, allowing for virtually zero downtime.

SafeCharge, the company that is branding with the new digital wallet, was founded by David Avgi in 2006. The company also offers its own E-Wallet service but unlike other e-wallets they use multiple security programs to protect each transaction made. Mr. Avgi said that with this new branding partnership they will see an increase in transactions of over 45% in the United Kingdom alone. He continued by saying, “We also plan to focus on the Asian market after we make a series of acquisitions in Asia.”

Teddy Sagi is a billionaire who has a net worth of $2.5 Billion. He lives in Israel and owns TradeFX, a company that runs Markets.com and SafeCharge. He created Playtech back in 1999 and took it public with the London Stock Exchange in 2006. RHe continues to maintain a 49% ownership in Playtech and 100% of TradeFX.

March 19, 2014: • No Comments

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