Ayre Group Ventures completes investment in social marketplace company Mijem

TORONTO, April 6, 2021 /PRNewswire/ -- Mijem Inc., the Canada-based social media and technology company, today announces that it has closed an investment from noted technology entrepreneur Calvin Ayre, founder of venture capital firm Ayre Group Ventures and blockchain conglomerate CoinGeek. Mijem will use the investment to support the company's ambitious growth agenda, which includes implementing a unique Bitcoin SV-based cashback loyalty system using the Bitcoin SV blockchain. Terms of the deal were not disclosed.

Mijem Inc. is the developer of the popular Mijem social marketplace, an intuitive online platform and application ecosystem which connects students with their peers to efficiently buy, sell and trade goods and services. Mijem social marketplaces center around the communities of post-secondary institutions in the United States and Canada. To date, Mijem has established relationships with more than 70 university and college communities, including those of the University of Texas, the University of Toronto, the University of British Columbia, the University of Michigan and the University of Miami.

Commenting on his investment, Ayre Group Ventures founder Calvin Ayre, said:

"Mijem continues to demonstrate the value of the innovative social marketplace model they have pioneered across a growing network of university and college campuses in North America. At Ayre Group Ventures, we share many of the values which have made Mijem successful – speed, efficiency, accessibility – and see a great opportunity to work with their team to further develop the Mijem offering with Bitcoin SV and play a part in their ongoing success story."

Mijem founder Phuong Dinh added:

"Mijem evaluated several digital currencies that would be of value to our customers and Bitcoin SV clearly is a great fit for Mijem. Bitcoin SV (BSV) is what the original Bitcoin white paper envisioned, a fast, inexpensive, peer-to-peer electronic cash system - and all these characteristics are important for Mijem's Gen Z target market. Ayre Group Ventures shares our vision, having already invested in numerous firms building Bitcoin SV services and solutions that we may be able to leverage going forward. Ayre Group Ventures is an ideal partner for us, and on behalf of Mijem, I'd like to thank Ayre Group Ventures for their investment, support, and vote of confidence."

About Bitcoin SV

The Bitcoin SV network is an enterprise-grade public blockchain that benefits from its ability to scale unbounded, offering greater data capacity and functionality, in addition to super low transaction fees (the median transaction fee on the Bitcoin SV network in 2020 was less than 1/100 of a U.S. cent), enabling it to serve as a powerful global data ledger for business, as well as a fast and efficient peer-to-peer electronic cash system.

About Mijem Inc.

Mijem is a Canadian-based social media and technology company that provides innovative solutions to create a vibrant social marketplace for Generation Z to connect and to efficiently buy, sell and trade goods and services. Mijem's patent-pending flagship technology currently permits thousands of university and college students across the United States and Canada to both connect on-line and engage in consumer-to-consumer commerce.

About Ayre Group Ventures

Ayre Group Ventures, founded by celebrated entrepreneur and philanthropist Calvin Ayre, provides capital to scalable, high-growth businesses within the Bitcoin SV ecosystem. The Group targets investment in innovative ideas and ambitious projects that are 'positively disruptive', supporting their expansion with the Group's extensive network and industry partners.

SOURCE Mijem