EXMO Cryptocurrency Exchange To Be Acquired By Canadian Firm
GoverMedia Plus Canada Corp., a Canadian publicly traded firm with a wholly owned Russian subsidiary that offers clients e-commerce, auctions, cryptocurrency related services and more, has signed a letter of intent (LOI) for the acquisition of EXMO cryptoassets exchange and trading platform, according to a news release by the firm on November 13, 2018.
GoverMedia Signs LOI With EXMO Exchange
As stated in a joint press release, EXMO, a cryptocurrency trading platform and exchange with a presence in Kyiv, London and other parts of the globe, is on the verge of getting acquired by GoverMedia, a publicly traded Canadian firm with a wholly owned Russian subsidiary that offers entrepreneurs and SMEs e-commerce, auctions, cryptocurrency and social media related services.
Per the press release, both firms have signed a letter of intent (LOI) which provides GoverMedia with the exclusivity of negotiating the transaction for up to 180 days and once a concrete agreement is reached, both parties will continue to run the crypto exchange as a joint venture which will be listed on the Canadian stock exchange (CSE).
Both parties are looking to conduct the acquisition transaction in compliance with the relevant legal and regulatory requirement “including completion of due diligence as well as receipt of consents and approvals from the CSE and GoverMedia shareholders.”
Commenting on the development, the CEO of GoverMedia, Roland J Bopp expressed excitement over the firm’s intended acquisition of EXMO exchange, calling it an essential step in GoverMedia’s development.
“After the successful completion of the business combination, the company will have over two million active users and will invariably increase revenue and significantly improve operating results in European, North American and Asian Markets,” he declared.
EXMO Aiming for the Moon
Ranked 48th on the CoinMarketCap cryptocurrency exchange table, with a 24-hour trading volume of $24.95 million, EXMO is one of the leading bitcoin trading platforms in Europe.
Commenting on the matter, CEO of EXMO Sergey Zhdanov noted that the EXMO-GoverMedia combination would go a long way in helping EXMO to strengthen its team and increase its influence in the global cryptospace while also assisting in the provision of best infrastructure and maximum security to clients.
“This partnership will assist us in becoming the most credible and reliable business on the digital assets market,” he concluded.
EXMO remains one of the distributed ledger technology (DLT) based virtual currency trading platforms trying its best to satisfy its cryptocurrency traders.
Earlier in May 2018, BTCManager informed that EXMO had introduced an innovative cashback scheme for cryptocurrency traders on its platform.