- Midpoint (MPT) has completed its acquisition of Blockchain World
- Blockchain World builds consumer-facing blockchain products and owns high-profile domains in the space
- Midpoint issued 10M common shares as consideration
- It intends to capitalize on potential synergies between its foreign exchange business and blockchain technology
- Midpoint Holdings is a London-based authorized payments institution specializing in cross-border payments and foreign exchange
- Midpoint (MPT) closed unchanged trading at $0.225 per share
Midpoint (MPT) has completed its acquisition of Blockchain World.
Blockchain World is focused on building consumer-focused blockchain products. It owns blockchain.eu, blockchain.com.au and hivello.com, all of which are expected to launch in 2022.
Blockchain World was founded by Domenic Carosa, the Founder and Chairman of Banxa Holdings (BNXA) and cryptocurrency fund Apollo Capital.
Midpoint issued 10M common shares as consideration.
It will also issue performance shares based on the following milestones:
- 5M shares upon the official launch of blockchain.com.au
- 5M shares upon the official launch of blockchain.eu
- 5M shares upon the achievement of cumulative gross transaction value or AUM of no less than C$20M within 24 months of Blockchain World’s official launch
- 5M shares upon the achievement of cumulative gross transaction value or AUM of no less than $50M within 30 months of Blockchain World’s official launch
Midpoint sees an opportunity to capture synergies between its foreign exchange platform and Blockchain World’s business.
“It has been one of our stated corporate goals to augment our consumer-facing business with applicable blockchain technology,” stated Derek Ivany, Midpoint’s President. “As such, we believe that this transaction represents a very compelling opportunity to take Midpoint into the digital asset space in order to assist in building shareholder value in 2022 and beyond.”
“I see significant opportunities to leverage Midpoint’s consumer-facing foreign exchange platform that has been the backbone of their business,” added Carosa. “One of my first priorities will be to help build the internal blockchain capabilities and then oversee the execution of the strategy.”
Midpoint Holdings is a London-based authorized payments institution specializing in cross-border payments and foreign exchange.
Midpoint (MPT) closed unchanged trading at $0.225 per share.