Business
BIG Blockchain Intelligence Group Announces Completion of Netcoins Acquisition
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2019) - BIG Blockchain Intelligence ...
About this update from Bigg Digital Assets Inc.
[{"type":"text","content":"BIG Blockchain Intelligence Group Announces Completion of Netcoins AcquisitionVancouver, British Columbia--(Newsfile Corp. - August 1, 2019) - BIG Blockchain Intelligence Group Inc. (CSE: BIGG) (WKN: A2JSKG) (OTC Pink: BBKCF) (\"BIG\" or the \"Company\") is pleased to announce that, further to its press release issued on May 27, 2019, it has completed its previously announced acquisition of all of the issued and outstanding shares of Netcoins Inc., NTC Holdings Corp. and NTC Holdings USA Corp. (collectively, \"Netcoins\") (the \"Transaction\").Netcoins is in the business of developing software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor through brokerage services. Netcoins completed over CAD$58 million in cryptocurrency transactions in 2018. It currently enables crypto transactions via over 171,000 retail locations globally, a self-serve crypto purchase portal and an institutional over-the-counter (OTC) trading desk. In addition, upon launch of its Netcoins Custody software, it is poised to deliver institutional-level crypto custody to the Canadian marketplace through an existing agreement with BitGo Trust Company, the world's largest processor of on-chain bitcoin transactions.The total purchase price of the Transaction was approximately $3 million, paid through the issuance of 37,500,000 common shares of BIG (the \"Payment Shares\") at a deemed price of $0.08 per Payment Share.Shone Anstey, Executive Chairman and President of the Company, comments, \"BIG is well positioned to strengthen and expand its status within the cryptocurrency sector, building upon the already existing natural synergies between the Company and Netcoins to drive growth across each of our business segments. We strongly believe this Transaction will provide value creation for shareholders, aligning BIG as a pure cryptocurrency company with the added advantage of a 'compliance first' strategy.\"Combined BusinessBIG is now positioned to actively participate in and deliver cryptocurrency brokerage services to an existing, growing client base that will benefit from the compliance and analytics services the Company provides. Executive Team TransitionAt the closing of the Transaction, Mark Binns stepped up to lead the Company as Chief Executive Officer. Mr. Binns has agreed to join the Company's Board of Dir...