Bithumb Crypto Exchange Could Go Public in U.S., After a Successful Reverse Merger
Blockchain Exchange Alliance, a Singapore-based holding firm, who has a controlling stake in major crypto exchange Bithumb, is planning to get listed in the United States via acquiring a publicly traded company in the country.
According to a CNBC report published on Jan. 22, Blockchain Industries, a publicly-traded holding company in the U.S. has announced that it had a binding letter of intent with Blockchain Exchange Alliance. The reverse merger, i.e. acquiring a publicly-traded company is definitely a faster way to take a company public in comparison to a traditional Initial Public Offering (IPO).
If the reverse merger is successful, it would be the first instance of a cryptocurrency exchange going public. An unnamed source informed the publication that Blockchain Exchange Alliance has had considered filing a public offering in Singapore, but it did not want to go through the two-year waiting period to complete an IPO.
The source further adds that the merger will eventually “up-list” from over-the-counter (OTC) markets to the New York Stock Exchange or Nasdaq. Mike Novogratz, a well-known crypto bull and an ex-hedge fund manager at Fortress Investment Group, used a similar approach, reverse merger to list his crypto investment bank on the Canadian stock market in 2018.
Novogratz firstly bought a crypto start-up called Coin Capital and then went ahead with a reverse takeover with Canadian shell company Bradmer Pharmaceuticals. Subsequently, the company was renamed as Galaxy Digital Holdings.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.