Bridge learned that SynchroLife, the AI-powered social restaurant discovery app developed and managed by Ginkan, will be acquired by Minkabu the Infonoid (TSE:4436), the parent company of Japanese news portal site Livedoor.
The terms of the acquisition have not been disclosed. Since Livedoor describes the move as a business transfer rather than a company acquisition, it may be possible that Ginkan will explore establishing another business after the deal. Details are unknown at this time but Bridge has reached out to Ginkan for further details.
Launched back in October of 2012, SynchroLife has been dedicated to establishing a community leveraging blockchain technology and its SynchroCoin token to prevent arbitrary bias from influencing the posting of restaurant reviews.
Originally launched by Tokyo-based startup AI Pacific, the app has been run by Hong Kong-registered Ginkan since 2015 to support crypto-powered functions. In July of 2019, the company started allowing users to earn tokens by dining at partnering restaurants.
The app has earned 10,000 monthly restaurant reviews from users to date, which eventually exceeded 400,000 reviews in total as of August. In Japan, more than 1,800 restaurants are using it to help their marketing effort. Companies like credit card services, gas providers and local sports teams are assisting the startup expand the app’s merchant base.
Offering media services such as Livedoor News and Kstyle, Livedoor boasts 70 million monthly active users and 30 million social network followers. By acquiring the social app, the company intends to diversify its media service coverage into gourmet while offering their existing users with new customer experience and the token economy to increase loyalty. In addition, the company wants to enlarge the app’s user base through driving traffic from their conventional services.