BTHMB Merges with Blockchain Industries for US Listing

US-listed Blockchain Industries, on Tuesday, announced that it has signed a binding letter of intent with Singapore-based holding company BTHMB, which is being renamed Blockchain Exchange Alliance (BXA).

This reverse merger will allow the company to get fast access into the US public markets compared to the long and tedious process with the conventional initial public offerings (IPO). According to CNBC, the Blockchain Exchange Alliance has already completed the listing process in Singapore; however, as the IPO process might take another year or more, the firm has chosen the US market route to go public.

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

Blockchain Industries is currently trading on the over-the-counter market of the United States, a market largely for the penny stocks. However, the company is planning to “up list” itself to New York Stock Exchange or Nasdaq, as per CNBC.

Though many Chinese crypto mining hardware companies are trying to go for an IPO both in Hong Kong and the US, none of the crypto exchanges are trying to go public yet. However, this reverse-merger technique has been tested before in the sector by the former hedge-fund manager Mike Novogratz to list his crypto merchant bank on a Canadian stock market.

Major Goals Ahead

With this agreement, BXA, the holding company of leading South Korean exchange Bithumb, is aiming to expand its operations across North America. In addition, it is planning to create a global crypto exchange alliance by partnering with nine exchanges by the end of 2019 and as many as 40 by the end of 2020.

“BXA is a global exchange alliance and the United States is a key factor to any global initiative,” said Dr. Byung Gun Kim, CEO of BXA. “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.”

(Photo: pixabay)

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