BTHMB to merge with Blockchain Industries; First Crypto Exchange entering the Public Markets

Yesterday (22 January 2019) Blockchain industries (BCII) had announced that they had signed a binding letter of intent with Singapore-based holding company, BTHMB. The latter is being renamed to Blockchain Exchange Alliance (or BXA).

This merger will make the Crypto Exchange enter the public markets faster than an IPO. A source told CNBC that Blockchain Exchange Alliance had contemplated listing in Singapore but did not want to wait the year or two it might take to complete an IPO.

This will make the new entity a “publicly traded cryptocurrency exchange company.”

Patrick Moynihan, CEO of Blockchain Industries, said:

“We are thrilled to be part of this important initiative that is expected to bring liquidity, accessibility and expansion to the blockchain industry.”

The new firm will plan to eventually “up-list,” which means they would move from the over-the-counter (OTC) markets to the New York Stock Exchange or NASDAQ.

This would be the first time a cryptocurrency exchange will be publicly listed.

Dr. Byung Gun Kim, CEO of BTHMB/BXA said:

“By unifying our businesses, we benefit from the focused expertise of Blockchain Industries. As a result, we have tremendous growth opportunity in this region, and we expect quality results from this merger.”

Blockchain Exchange Alliance would wind up being the majority of the combined company.

Patrick Moynihan went on to say:

“By merging with BTHMB/BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.”

 


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