- Midpoint Holdings Ltd (MPT) has entered into a purchase agreement to acquire all of the issued and outstanding shares of Blockchain World Ltd (BWL)
- Midpoint proposes to issue 10,000,000 common shares to the existing shareholders of BWL, along with additional common shares to be issued upon completion of certain milestones
- BWL was founded as a B2C (“Business to Consumer”) blockchain-focused product organization
- Midpoint is a UK-based FCA authorized payments institution specializing in cross-border payments and foreign exchange
- Midpoint Holdings Ltd (MPT) opened trading at C$0.155 per share
Midpoint Holdings Ltd (MPT) has entered into an agreement to acquire all of the issued and outstanding shares of Blockchain World Ltd (BWL).
Midpoint proposes to issue 10,000,000 common shares to the existing shareholders of BWL.
BWL shareholders will also be entitled to receive the following additional common shares subject to the satisfaction of the following performance milestones:
- 5,000,000 shares issuable upon the official launch of the website domain “blockchain.com.au” within 9 months of the closing date of the transaction
- 5,000,000 shares issuable upon the official launch of the website domain “blockchain.eu” within 9 months of the closing date of the transaction
- 5,000,000 shares issuable upon the achievement by BWL of CTV or AUM of no less than $20,000,000 within 24 months of the official launch
- 5,000,000 shares issuable upon the achievement by BWL of CTV or AUM of no less than $50,000,000 within 30 months of the occurrence of the official launch
The term “CTV” means the cumulative gross transaction value of all digital currency transactions processed through website domains maintained by BWL, for a given period, calculated in Canadian dollars.
The term “AUM” means the total amount of digital currency held by the custodial wallet of all customers of BWL, as calculated on the last business day of any particular month based on the average market price of the applicable currency.
BWL was founded by Domenic Carosa as a B2C (“Business to Consumer”) blockchain-focused product organization. Upon successful completion of the transaction, Domenic Carosa will join the Midpoint board of directors and Derek Ivany will step down as a director to accommodate the appointment.
Commenting on the transaction, Midpoint President Derek Ivany stated,
“We are very pleased to have consummated this transaction with Dom and his innovative company. It has been one of our stated corporate goals to augment our consumer-facing business with applicable blockchain technology. 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. The addition of Domenic Carosa will further bolster Midpoint’s board with highly relevant blockchain and cryptocurrency experience that will be vital as the Company moves forward in this arena. Midpoint’s ability to tap into Domenic’s vast network within the digital asset sector will be of tremendous value as the Company assesses further product expansion and partnership opportunities.”
Domenic Carosa commented,
“I’m looking forward to working with the Midpoint team in order to expand their presence in the blockchain space. I see significant opportunities to leverage their consumer-facing foreign exchange platform that has been the backbone of their business. One of my first priorities will be to help build the internal blockchain capabilities and then oversee the execution of the strategy.”
According to Markets and Markets, from 2020 – 2025 the global blockchain market size is expected to reach $39.7 billion by 2025. Midpoint believes there is an opportunity to capture synergies between its existing foreign exchange platform and the blockchain business of BWL.
Midpoint is a UK-based FCA authorized payments institution specializing in cross-border payments and foreign exchange.
Midpoint Holdings Ltd (MPT) opened trading at C$0.155 per share.