Bithumb, South Korean stock-exchange, announced a public entry into the American market through a reverse merger (IPO) from BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details Industries investment company, as reported by the CoinDesk news agency.
Blockchain Industries (American investment firm), specializing in cryptocurrency and blockchain technology, which is widely known for its transactions in the US OTC markets. As it became known, representatives of Blockchain Industries on Tuesday (January 22) confirmed the information about the signing of an agreement with Bithumb (BTHMB Holdings, Singapore) for the reverse merger transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details.
Bithumb Exchange – reverse merger, IPO
Reverse merger (also known as reverse initial public offering, IPO) is a documentary process in which a private company acquires a listed company to circumvent the lengthy and complex process of a "traditional" IPO.
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After the official end of the transaction, the new united corporation will be called the Blockchain Exchange Alliance (BXA), potentially becoming the first licensed crypto-exchanger in the United States. According to representatives of the companies, both parties intend to complete the transaction by March 1, and by the end of the same month begin active work in the market.
As it became known, BTHMB Holdings has already agreed to deposit US $ 1 million in an escrow account as compensation for the transaction.
Patrick Moynihan, CEO of Blockchain Industries, said the deal is expected to bring "liquidity, availability and expansion" in America's blockchain sector.
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"By joining BTHMB to the BXA alliance, we expect to provide more advanced technologies and better provisioning methods that will meet the standards in the US and global public markets through a consolidated focus" – Patrick Moynihan.
In addition, as part of the transaction, BTHMB Holdings plans to expand its activities in North America. Bithumb, a crypto-exchange, announced it was entering the US through an IPO – this news came several months after Bithumb sold more than 38 percent of its property to a consortium in Singapore owned by plastic surgeon Byung Gun Kim for $ 350 million.
Editor: Yuliya Soroka