Canadian technology company HyperBlock Technologies Corp said it reached an agreement to acquire crypto-currency mining firm CryptoGlobal Corp in an all-stock deal valued at C$106 million.
Some market participants said the deal, announced late on Tuesday, is one of the larger acquisitions in the crypto-currency space, which has struggled for further momentum after sharp price gains late last year amid increased scrutiny by government regulators around the world.
“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,” Sean Walsh, chief executive officer at HyperBlock, told Reuters in an interview on Wednesday.
Walsh said HyperBlock recently completed the purchase of one of North America’s largest U.S.-based crypto mining and hosting facilities. Combined with the agreement to acquire CryptoGlobal, that puts HyperBlock one step close to its goal of building a diversified crypto company in North America, he said.
CryptoGlobal currently focuses on mining bitcoin, dash, ether and litecoin.
The mining of crypto-currencies is a process in which a global network of computers competes to solve complex algorithms. Those who are able to solve the mathematical problems are rewarded with new bitcoins.
Source: Reuters
