Net Element Inc (NASDAQ:NETE) kicked off the new year with a bang as the company inked a $7.55 million private placement with a New York-based office.

The global financial technology that supports electronic payments acceptance completed a deal of restricted common stock and warrants with a family office that has made a number of investments with blockchain technology platforms.

Net Element acquired shares of the Company’s restricted common stock, along with five-year warrants at a price of $11.25 per unit, with each unit amounting to one share of common stock and 60% of a warrant at an exercise price of the stock’s consolidated closing bid price of $11.12 at the end of 2017.

The move will help to develop the Company’s blockchain business by supporting its growth prospects. The move will also pave the way for potential acquisitions by the Company.

Net Element said that it plans to use the investment for a decentralized crypto-based ecosystem that will serve as a framework for value-added services (“VAS”), which cill connect merchants and consumers by using blockchain technology.

The move will ultimately help to improve the speed and efficiency of transactions completed through the Company’s processing, settlement and services ecosystem.

“We are delighted to receive a significant investment that will help ensure full scalability of our platform and accommodate the Company’s anticipated future growth as well as the development of our value-added services blockchain platform,” said Oleg Firer, CEO of Net Element.

NETE stock skyrocketed 23.3% on Tuesday.