BIG Blockchain Intelligence Group (BIG), a blockchain and cryptocurrency services company, has confirmed that further to its announcement of an agreement to purchase cryptocurrency transaction software company Netcoins, it now has completed the acquisition of all of the issued and outstanding shares of Netcoins Inc., NTC Holdings Corp., and NTC Holdings USA Corp.
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.
“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.”
– Shone Anstey, Executive Chairman and President of BIG
BIG 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 Transition
At the closing of the transaction, Mark Binns has stepped up to lead BIG as Chief Executive Officer. Mr. Binns has agreed to join the company’s Board of Directors, subject to formal acceptance
“This transaction is a significant one,” stated Mr. Binns. “Our combined forces will allow us to capitalize on the important inflection point occurring within the cryptocurrency sector – where mainstream interest and involvement in digital assets is colliding with the ever-increasing demand for heightened regulatory oversight and effective risk management.”