Blockchain Industries, Inc. (BCII), a holding company that trades publicly on US over-the-counter (OTC) markets, has announced its plans to “merge with” Singapore-based firm, BTHMB Holdings Pte. Ltd. The merger is part of an initiative that involves listing cryptocurrency exchange, Bithumb as a publicly traded company in the US.
$1 Million Committed To Escrow Account As “Consideration For Entering Into LOI”
The “binding letter of intent” (LOI) to merge both business entities was reportedly signed on Tuesday (January 22nd). According to the LOI, the “anticipated merger” is scheduled to be finalized “on or before March 1, 2019.” As mentioned in the announcement’s press release, BTHMB Holdings will be renamed as Blockchain Exchange Alliance (BXA). The deal has been formalized by BXA as it has deposited $1 million into an escrow account as “consideration for entering into the LOI.”
Commenting on the planned merger, Patrick Moynihan, the CEO of Blockchain Industries, remarked:
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.
BXA “intends to use” Blockchain Industries, a publicly traded merchant bank, to “market and expand” its operations in North America. At present, Blockchain Industries focuses on the blockchain and crypto industry as it provides initial coin offering (ICO) advisory and investment management services.
Blockchain Industries Expected To Provide Guidance
Blockchain Industries also operates a Global Conference Series which is a social network for entrepreneurs and investors. Headquartered in Santa Monica, California with additional business offices in New York, Puerto Rico, and Tokyo, Blockchain Industries is expected to provide BXA the guidance and resources needed to list as a publicly traded company in the US.
Explaining why it’s important to establish business operations in the US, Dr. Byung Gun Kim, the CEO of BXA, 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 “potential merger” between BXA and Blockchain Industries aims to address issues related to “liquidity, accessibility and expansion.” The growth of the digital currency market depends on the development of a proper regulatory framework and appropriate measures for ensuring the security of crypto exchanges.
As explained in the announcement, the BXA and Blockchain Industries aim to create a “more secure global exchange platform.” This trading platform will reportedly support “emerging blockchain e-commerce, payments, and other digital finance functions.”