DeFi Technologies Inc. has entered into a binding Letter of Intent to acquire Valour Structured Products, a company focused on creating exchange traded products in the digital asset space. Valour launched its first product in December 2020 and currently has US$47 million in assets under management.
Founded in 2018, Valour Structured Products has undertaken regulatory applications required and has received approval to be an issuer of digital asset products on leading European stock markets. Its first product launched was Bitcoin Zero. Bitcoin Zero is the first fully hedged, passive investment product with Bitcoin as its underlying asset and charges zero management fees. Bitcoin Zero started trading on December 3rd, 2020 on the Nordic Growth Market in Stockholm, Sweden. In the month of December 2020, Bitcoin Zero was in the top 3 most traded Exchange Traded Products on the exchange.
In March of 2021, Valour appointed Diana Biggs as CEO. Diana was previously Global Head of Innovation for HSBC Private Banking, where she led the testing and development of new business models, fintech partnerships and use of emerging technologies.
Valour valued at CHF70 million
In consideration for the Acquisition, DeFi Technologies, which is listed on the Canadian Neo Exchange, shall, upon closing of the Acquisition, issue 36,934,315 common shares of the Company at a deemed price of C$2.05 per common share to the shareholders of Valour in exchange for 80% of the common shares in the capital of Valour. The Company currently holds a 20% interest in Valour and following the Acquisition, Valour will become a wholly owned subsidiary of DeFi Technologies.
The LOI contemplates that DeFi Technologies and Valour will promptly negotiate and enter into a definitive agreement.
0Comments
More news about
Please login or sign up to comment.
Commenting guidelines