NXTP - NextPlay Technologies forms consolidated fintech division

Technology solutions company NextPlay Technologies (NXTP +3.3%) is trading higher after announcing the formation of a fintech division, NextCapital. NextCapital combines NextPlay's financial services, insurtech and fintech operations. This includes NextBank International in Puerto Rico and a majority ownership of Longroot, the controlling organization of a namesake Initial Coin Offering portal. J Todd Bonner, currently co-Chairman of NextPlay, will transition to Chairman and Acting Chief Executive Officer  of NextCapital. The new division will operate in insurance and alternative asset management, particularly blockchain crypto securitized assets derived in partnership with major multinationals with high-growth subsidiaries and divisions. Bonner commented, "With our recent acquisition of NextBank International (formerly IFEB), we will offer an array of alternative assets believed more resistant to market declines as well as insurance products, engineered to protect the wealth of our banking clients. The NextBank charter is broad, allowing us to offer asset banking, asset management, investment banking

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NextPlay Technologies forms consolidated fintech division