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Pennexx Foods buys cryptocurrency company Triple 888's Logistics

Philadelphia-based meat processor Pennexx Foods Inc. acquired prepaid debit card cryptocurrency company Triple 888's Logistics Inc. and the intellectual property of the BitGift prepaid cryptocurrency gift card.

Financial terms of the transaction were not disclosed.

The deal will see Triple 888's Logistics become a wholly owned subsidiary of Pennexx. It will also allow Pennexx to offer BitGift cards in stores and online.

The BitGift cards can be redeemed for an equivalent value in cryptocurrency or used for real-time redemption in U.S. dollars at any merchant in the world that accepts MasterCard.

Pennexx Foods President Alexander Cook said the company expects to generate "significant" revenue from sales as well as usage of BitGift cards, adding that it is looking to sell a minimum of 5 million to 10 million BitGift cards annually.