HyperBlock Completes Acquisition and Begins Trading on the Canadian Stock Exchange
Canadian digital currency mining company HyperBlock has completed its acquisition of similarly positioned firm CryptoGlobal and has begun trading on the Canadian Securities Exchange (CSE) on July 11th, 2018.
The deal was first announced in April 2018 as part of Hyperblock’s strategy to create growth through acquisition.
One of North America’s largest digital currency enterprises
The combined enterprise, now with digital mining centres in Canada and the USA is a substantial mining operation. Its high-performance digital mining operations now operate more than “21,500 servers on 28.5MW, five complimentary product offerings — and an expanding R&D lab focused on Bitcoin adoption and usage,” said HyperBlock CEO Sean Walsh.JOIN OUR WEEKLY NEWSLETTER
“[The] news transforms HyperBlock into one of North America’s largest and most diversified crypto-asset enterprises,” said Walsh.
The CEO went on to say the conditional listing on the CSE, under the ticker HYPR, will position Hyperblock for more acquisitions and accelerated growth “which will help the company thrive within the global cryptocurrency ecosystem — far beyond North American shores.”
HyperBlock Technologies Corp. acquired all of CryptoGlobal shares to become HyperBlock Inc. Holders of CryptoGlobal shares were compensated with HyperBlock shares.
CryptoGlobal was delisted from the TSX Venture Exchange on Monday, July 9th, 2018.
The digital currency organization also announced the newly appointed directors as Eric So, Sean Walsh, Rob Segal, Hon. Ronald Spoehel, Dayna Gibbs, and Tony Gaffney.
The amalgamation combined HyperBlock’s large scale mining-as-a-service model and CryptoGlobal’s mining, custodial storage, and digital currency trading business. The CryptoGlobal operation mined Bitcoin, Dash, Ether and Litecoin.
According to reports the deal was valued at $106 million dollars CAD which makes it one of the larger acquisitions to date in the digital currency ecosystem.
“Direct-to-consumer crypto company”
“Our aim is to become a comprehensive direct-to-consumer crypto company, offering products and services to the mainstream customer for making and managing their crypto-asset investments,” said Sean Walsh to Reuters in May, 2018.
The formalized acquisition and subsequent stock listing is a suggestion of the digital currency market maturing both in Canada and globally. Once non-existent commercial digital currency mining operations are not only becoming very successful in their own right, but are evolving into some of today’s leading technology companies.
Image Credit: HyperBlock and CryptoGlobal logos
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