BIG Blockchain Intelligence Group, a Canadian blockchain analytics firm, has agreed to purchase crypto firm Netcoins.
Netcoins also offers technology to facilitate cryptocurrency trading.
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Furthermore, under the agreement, BIG will acquire the issued and outstanding common shares of Netcoins subsidiaries. These include Netcoins, NTC Holdings, and NTC Holdings USA.
Netcoins said: “The total purchase of the Netcoins Subsidiaries to be paid by BIG is valued at approximately $3 million payable by the issuance of 37.5 million BIG shares at a deemed price of $0.08 per share (“Payment Share”).”
At present, Netcoins facilitates crypto transactions through more than 171,000 retail outlets, a cryptocurrency purchase portal along with an institutional OTC trading platform.
The firm also has a tie-up with Bitcoin transaction processor BitGo Trust that will enable it to introduce Netcoins Custody Software.
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By GlobalDataNetcoins OTC trading platform will now be integrated with BIG’s BitRank Verified product.
BIG CEO Lance Morginn called Netcoins a “natural fit”.
Morginn noted: “Our clients will have a need for OTC trading, and both Netcoins and its clients can benefit from the compliance and analytics services BIG provides.
“Mark’s team, with their strong relationships and understanding of the crypto market, will open up new markets to BIG.”
As part of the deal, some Netcoins staff and principal management are expected to join BIG. This includes Netcoins CEO Mark Binns.
The deal is pending approval from the Canadian Securities Exchange and shareholders.
It is anticipated to be wrapped up on or about 8 July 2019.
