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BitThumb to go public in US!

BitThumb to go public in US!

January 27, 2019 5:10 am,

One of the world’s largest cryptocurrency exchanges could be soon be the first big one to be publicly traded. Singapore based holding company BitThumb, BTHMB is looking to list in the US by acquiring a publicly traded company here. A holding company called Blockchain Industries, which trades publicly on US over the counter markets under the ticker BCII, announced it had signed a binding letter of intent with BTHMB, which is being renamed Blockchain Exchange Alliance. The merger is a part of an initiative that involves listing cryptocurrency exchange, BTHMB as publicly traded company in US.

The binding letter of intent (LOI) to merge both business entities was reportedly signed on Tuesday. According to the LOI, the anticipated merger is scheduled on or before March 1st 2019. BTHMB holdings will be renamed as BXA. The deal has been formalized by BXA as it deposited $1 million into an escrow account as consideration for entering into the LOI. BXA intends to use Blockchain Industries, a publicly traded merchant bank to market and expand its operations in North America. At present, Blockchain industries focusses on blockchain and crypto industry as it provides initial coin offering (ICO) advisory and investment management services. 

Former hedge fund manager Mike Novogratz used the tactic to list his crypto merchant bank on a Canadian stock market. He first bought a Canadian crypto start up Coin Capital, then merged through a reverse takeover with Canadian shell company Bradmer Pharmaceuticals. The renamed company trades as Galaxy Digital Holdings Ltd, on Canada’s TSX Venture Exchange.

BXA required a controlling interest in BTHMB and as a result now as an interest in BTHMB Korea, according to the documents. The Seoul based exchange is the 2nd largest by exchange volume and was the largest in November 2018. In December, Forbes reported that the exchange rating service called CER had accused BTHMB of faking more than 90% of its trading volume. As of the summer, the exchange ranked among the bottom of the 10 global exchanges by daily volume. CER claimed it was a result of selling and buying at the same time to create misleading and artificial activity known as “wash trading.”

BTHMB was the victim of a high profile $31 million hack. The exchange said it was temporarily suspending deposit and withdrawal services, that the stolen coins would be covered from its own reserves and that all assets were being transferred to safer cold wallets. 

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