Bithumb To Use Reverse IPO To Get US Stock Exchange Listing

Bithumb has come under a lot of scrutiny since June of last year, when the exchange was hacked and approximately $31.5 million worth of crypto was …
Nathan GrahamJanuary 23, 2019 7:54 PM
January 23, 2019 7:54 PM
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The merger is intended to create the first publicly traded crypto exchange in the US.

On Tuesday, January 22, Blockchain Industries Inc. announced it had signed a “binding letter of intent” to conduct a reverse merger – also called a reverse IPO – with Singapore crypto company BTHMB HOLDINGS Pte. Ltd. (“BTHMB”) – the holding company for the popular crypto exchange Bithumb.

A reverse merger takes place when investors from a privately owned company purchase the majority of shares in a publicly owned shell company. The reason for the new deal is to streamline the process of getting the private company listed on a US stock exchange.

According to the announcement, the new company will now be called the Blockchain Exchange Alliance (BXA) and may become the first “publicly traded cryptocurrency company.” In addition to getting the exchange listed, the merger is also intended to solve other problems associated with digital currency exchanges, such as liquidity, accessibility, and expansion. The announcement states that the merger unexpectedly resulted in the creation of a “unified, more secure global exchange platform with a broad capability to support emerging blockchain e-commerce, payments, and other digital finance functions.”

Bithumb has already placed $1 million into escrow to jumpstart the deal. However, the merger is still under review and a final decision needs to be made regarding the terms of the deal and the valuation of the company.

The merger is tentatively scheduled to be completed by March 1 of this year.

Bithumb has come under a lot of scrutiny since June of last year, when the exchange was hacked and approximately $31.5 million worth of crypto was stolen. In December, Bithumb was accused by a Ukrainian exchange ranking service of wash trading, the act of buying and selling currencies simultaneously to create artificial trade volume and heighten perceived demand.

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

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PotCoin (POT) Price Reaches $0.0179 on Exchanges

PotCoin (POT) Price Reaches $0.0179 on Exchanges … Ethereum Classic (ETC) traded 0.4% higher against the dollar and now trades at $4.35 or …

PotCoin logoPotCoin (CURRENCY:POT) traded down 1.2% against the dollar during the one day period ending at 14:00 PM E.T. on January 23rd. PotCoin has a market capitalization of $3.96 million and $4,588.00 worth of PotCoin was traded on exchanges in the last 24 hours. One PotCoin coin can now be bought for $0.0179 or 0.00000495 BTC on popular cryptocurrency exchanges including Trade By Trade, Poloniex, Bleutrade and Cryptopia. During the last week, PotCoin has traded 19.4% higher against the dollar.

Here is how similar cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 0.2% lower against the dollar and now trades at $3,605.20 or 1.00000000 BTC.
  • Ethereum (ETH) traded down 0.7% against the dollar and now trades at $118.33 or 0.03283473 BTC.
  • Bitcoin Cash (BCH) traded 3.8% higher against the dollar and now trades at $134.70 or 0.03737903 BTC.
  • Litecoin (LTC) traded 1.4% higher against the dollar and now trades at $32.31 or 0.00896669 BTC.
  • Monero (XMR) traded down 0.5% against the dollar and now trades at $45.33 or 0.01257720 BTC.
  • Ethereum Classic (ETC) traded 0.4% higher against the dollar and now trades at $4.35 or 0.00120781 BTC.
  • Zcash (ZEC) traded 0% higher against the dollar and now trades at $52.82 or 0.01465746 BTC.
  • Dogecoin (DOGE) traded 0.5% lower against the dollar and now trades at $0.0020 or 0.00000057 BTC.
  • Bitcoin Gold (BTG) traded up 0.6% against the dollar and now trades at $11.42 or 0.00316988 BTC.
  • Nano (NANO) traded up 8.7% against the dollar and now trades at $0.98 or 0.00027071 BTC.

PotCoin Profile

POT is a proof-of-work (PoW) coin that uses the ProofofStakeVelocity hashing algorithm. Its genesis date was January 21st, 2014. PotCoin’s total supply is 221,616,919 coins. The official website for PotCoin is www.potcoin.com. The Reddit community for PotCoin is /r/potcoin and the currency’s Github account can be viewed here. The official message board for PotCoin is steemit.com/@potcoin. PotCoin’s official Twitter account is @PotCoin and its Facebook page is accessible here.

PotCoin Coin Trading

PotCoin can be purchased on these cryptocurrency exchanges: Tux Exchange, Bleutrade, Trade By Trade, Poloniex, CoinExchange, Bittrex and Cryptopia. It is usually not possible to purchase alternative cryptocurrencies such as PotCoin directly using U.S. dollars. Investors seeking to acquire PotCoin should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase PotCoin using one of the exchanges listed above.

Receive News & Updates for PotCoin Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for PotCoin and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

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Iceland: Figurehead in Bitcoin Miner Heist Jailed for More Than Four Years

An Icelandic man has received a four-and-a-half-year prison sentence for stealing Bitcoin mining equipment, local English-language news outlet …

An Icelandic man has received a four-and-a-half-year prison sentence for stealing Bitcoin mining equipment, local English-language news outlet Iceland Monitor reported Jan. 17.

Sindri Þór Stefánsson, who in April 2018 boarded a flight to Stockholm from Reykjavik reportedly with a stolen passport, was subsequently arrested in Amsterdam and returned home. Stefánsson claimed he legally fled custody to Sweden.

In court, Stefánsson, along with six accomplices, received a lengthy jail term.

The proceedings relate to thefts of Bitcoin mining equipment reportedly worth $2 million, and two other attempted heists that took place December 2017 and January 2018.

The target was Nordic IT company Advania, to which all seven defendants will now pay compensation of 33 million Icelandic Krona (about $273,000).

Stefánsson received the longest prison sentence of the group, which comes after he argued he was legally allowed to board the Sweden flight at the time he fled Sogni prison.

After a custody warrant ran out, the judge had a 24-hour window to renew it, but in the interim Stefánsson said he was free to travel.

“I was forced to sign a paper stating that I was free travel, but if I could, I would stay in a prison room until the extension of custody was approved,” he added in a statement that subsequently appeared in local news publication Fréttablaðið.

Last September, industry insiders reported that Icelandic businesses planned to segue out of the Bitcoin mining industry into “pure blockchain businesses.”

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Bitcoin faces CATASTROPHIC fall before MASSIVE SPIKE – analysis

As the crypto rumbles along a gentle downward slope, pausing occasionally to rise and then predictably fall back along its descending path, it bears …

The destiny of where that tipping point actually occurs is entirely at the fingertips of those who are ready to click ‘buy’ when they firmly believe the bottom has been reached.

Have we found that bottom already? Absolutely not – now is not the time to buy when there is clearly more profit to be made by seeing through a further plunge from bitcoin.

Does the bottom lay somewhere below $3,000? Almost definitely.

In fact, there are plenty out there who believe it will and should go further.

$2,000, $1,800 or even $1,200 certainly don’t seem beyond the realms of possibility. And nor should they.

If bitcoin is to be taken seriously as a genuine financial future it needs to rinse itself towards capitulation before it can rise, Phoenix-like, and be propelled to levels where traders and investors can create a less fragile and irritable currency to deal with safely.

The posturing fluctuations in the current bear market belie what is a huge lack of confidence in both short and long investors alike.

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SHIELD Price Attains $0.0019 on Major Exchanges (XSH)

SHIELD Price Attains $0.0019 on Major Exchanges (XSH) … Ethereum Classic (ETC) traded down 0.1% against the dollar and now trades at $4.30 or …

SHIELD (CURRENCY:XSH) traded 11.8% higher against the dollar during the 1-day period ending at 9:00 AM E.T. on January 21st. SHIELD has a total market capitalization of $958,896.00 and $2,437.00 worth of SHIELD was traded on exchanges in the last 24 hours. Over the last week, SHIELD has traded 16.1% higher against the dollar. One SHIELD coin can now be purchased for $0.0019 or 0.00000052 BTC on popular exchanges including Stocks.Exchange, SouthXchange, CryptoBridge and CoinExchange.

Here is how similar cryptocurrencies have performed over the last 24 hours:

Bitcoin (BTC) traded 0.4% lower against the dollar and now trades at $3,579.75 or 1.00000000 BTC.

Ethereum (ETH) traded down 1.9% against the dollar and now trades at $117.67 or 0.03293551 BTC.

Bitcoin Cash (BCH) traded down 0.5% against the dollar and now trades at $122.83 or 0.03438134 BTC.

Litecoin (LTC) traded 0.6% lower against the dollar and now trades at $31.15 or 0.00871866 BTC.

Monero (XMR) traded 0.4% higher against the dollar and now trades at $44.43 or 0.01243510 BTC.

Ethereum Classic (ETC) traded down 0.1% against the dollar and now trades at $4.30 or 0.00120449 BTC.

Zcash (ZEC) traded 0.1% higher against the dollar and now trades at $52.58 or 0.01471836 BTC.

Dogecoin (DOGE) traded down 0.7% against the dollar and now trades at $0.0021 or 0.00000059 BTC.

Bitcoin Gold (BTG) traded 0.4% lower against the dollar and now trades at $11.17 or 0.00312742 BTC.

Steem (STEEM) traded up 8.4% against the dollar and now trades at $0.39 or 0.00010798 BTC.

About SHIELD

SHIELD is a proof-of-work (PoW) coin that uses the MultipleAlgorithms hashing algorithm. Its launch date was October 3rd, 2017. SHIELD’s total supply is 512,973,375 coins. The official website for SHIELD is www.shieldx.sh. The Reddit community for SHIELD is /r/SHIELDCOIN and the currency’s Github account can be viewed here. SHIELD’s official message board is medium.com/@shieldxsh. SHIELD’s official Twitter account is @SHIELDcurrency.

Buying and Selling SHIELD

SHIELD can be traded on these cryptocurrency exchanges: SouthXchange, Trade Satoshi, CryptoBridge, Stocks.Exchange and CoinExchange. It is usually not possible to purchase alternative cryptocurrencies such as SHIELD directly using U.S. dollars. Investors seeking to trade SHIELD should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, GDAX or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase SHIELD using one of the aforementioned exchanges.

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