Singapore-Based Crypto Firm BTHMB Seeks To Go Public In The US Via Reverse Merger Deal

News | January 27, 2019 By:

Investment and advisory firm Blockchain Industries has signed a binding letter of intent (LOI) to merge with Singapore-based holding firm BTHMB.

Based in the US, Blockchain Industries is an over-the-counter (OTC) listed diversified holding company exclusively focused on investment opportunities and services in the blockchain and cryptocurrency sectors. The company is comprised of a blockchain technology advisory, an investment management arm, and a global conference series (Blockchain Unbound) connecting entrepreneurs and investors.

BTHMB, an alliance of global crypto exchanges, provides user-friendly payment services including e-commerce, gaming and sharing economy. The company is working towards launching new digital financial services, including security token exchanges, crypto-banking, and custody services.

BTHMB, which is being renamed Blockchain Exchange Alliance (BXA), intends to use Blockchain Industries to market and expand their operations in the United States. The reverse merger deal, which allow a private company to become public without raising capital, is expected to be completed on or before March 1.

“The companies anticipate merging into a single entity, becoming a publicly traded cryptocurrency exchange company,” the official release said. “BTHMB/BXA has agreed to place $1M USD into an escrow account as consideration for entering into the LOI which is subject to diligence review by both parties mutual agreement on certain terms including, but not limited to, valuation and the entrance into definitive transaction documents.”

The goal of the merger is to solve problems with liquidity, accessibility and expansion that have challenged the fast-paced and swiftly growing the crypto market. The cryptocurrency exchange platform will reportedly support emerging blockchain e-commerce, payments, and other digital finance functions.

“We are thrilled to be part of this important initiative that is expected to bring liquidity, accessibility and expansion to the blockchain industry,” said Patrick Moynihan, CEO of Blockchain Industries. “By merging with BTHMB/BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.”

“BTHMB/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 BTHMB/BXA. “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.”