Leading Crypto Exchange to Enter US Market following Reverse Merger Technique

Tabassum Altcoin News January 23, 2019

usa

Leading Crypto Exchange to Enter US Market following Reverse Merger Technique

What’s new to look at the crypto market? Well, a new deal of merger has been signed between US-based Blockchain Industries and a Singapore based holding company, BTHMB – the deal would take BTHMB to go public in US market.

The Reverse Merger Technique to Go Public in US

On Tuesday, Jan 22, 2019, sources revealed that the US-public listed company, Blockchain industries have signed a binding letter of intent (BOI) with BTHMB which is a Singapore based holding company. Per the intent of the agreement, BTHMB will be renamed as ‘Blockchain Exchange Alliance (BXA).

Since quite long, a number of crypto players are waiting to go public in US but failed to so. However, the reverse merger will allow BTHMB faster entry in the U.S than IPO. This is because, Blockchain Industries are already listed in US OTC market under the ticker BCII and presently it trades publicly in the US – Consequently, via a reverse merger, it would be a non-conventional way for BTHMB to make its entry in US market. This way of getting into a potential sphere of US is quicker than filing an IPO. Additionally, this technique has previously been employed by Mike Novogratz, former hedge-fund manager to list his crypto merchant Bank over Canadian stock market, cnbc reported.

Further, sources also revealed that the newly branded company ‘Blockchain Exchange Alliance’ is choosing US to go public than Singapore due to the country’s IPO setbacks. Dr. Byung Gun Kim, CEO of BXA talks about the merger and said;

BXA is a global exchange alliance and the United States is a key factor to any global initiative. By unifying our businesses, we benefit from the focused expertise of Blockchain Industries. As a result, we have tremendous growth opportunities in this region, and we expect quality results from this in North America.

The merged company is already in process to ‘up list’ company from OTC market to ‘New York Stock Exchange, wherein former trades penny stocks and, listing on latter would demand stiffer requirements. The combined company is led by Bithumb, Korea’s largest cryptocurrency exchange involving in crypto trading, security token exchange and other digital financial services.

You can find details of BXA here – www.BXA.com.

BXA, the alliance of Bithumb has many plans that go beyond Bitcoin, few of those are, partnering with 9 exchanges by the end of 2019 and 40 by end of 2020. With this, they intend to build a global crypto exchange alliance. Talking about the deal, Patrick Moynihan, CEO of Blockchain Industries said that

“We are thrilled to be part of this important initiative that is expected to bring liquidity, accessibility, and expansion to the blockchain industry. By merging with BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.”

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Leading Bitcoin Exchange to Enter US Market following Reverse Merger Technique
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Leading Bitcoin Exchange to Enter US Market following Reverse Merger Technique
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What’s new to look at the crypto market? Well, a new deal of merger has been signed between US-based Blockchain Industries and a Singapore based holding company, BTHMB.
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Author: Tabassum

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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