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DeFi-HIVE Blockchain enter letter of intent for share swap arrangement

Author : Pankaj Singh | Published Date : 2021-03-26 

DeFi Technologies Inc., a financial services provider, has reportedly entered an LOI (letter of intent) with a software company, HIVE Blockchain Technologies, for a share swap agreement. Under this arrangement, HIVE will obtain 10 million common shares of DeFi, which represent 6.5% of its existing outstanding shares, in exchange for the 4 million common shares of HIVE, which represent 1.1% of its issued & outstanding common shares.

The transaction is expected to be closed in April 2021 and is conditional on the satisfactory completion of due diligence by both companies. Apart from this share swap arrangement, they are planning to enter a partnership deal to provide a strategic stake in HIVE to DeFi and a broader partnership that surrounds the DeFi ecosystem, with a robust focus on the Ethereum-based MEV (Miner Extractable Value) space and related developments.

This strategic partnership will also present an opportunity to develop more value per deployed mining infrastructure of HIVE by leveraging the MEV applications. It will also provide DeFi access to a large miner of Ethereum, which serves as a key component that supports the sector.

According to DeFi Technologies’ Chief Executive Officer, Wouter Witvoet, the company is thrilled to partner with HIVE Blockchain Technologies. The two companies share the same vision of providing public market investors access to the expanding cryptocurrency markets. They are also planning to accomplish this by helping investors in gaining exposure to the growing decentralized finance sector.

As per the statement made by HIVE’s Chief Executive & Chairman, Frank Holmes, the company has shown excitement towards its upcoming strategic partnership with DeFi technologies, a financial services company that shows strong business synergies. It is also planning to gain benefits from DeFi’s robust contributions towards the MEV space, as it is the only publicly-traded company that mines Ethereum on an industrial scale.

Source credit:

https://www.globenewswire.com/news-release/2021/03/25/2199033/0/en/DeFi-Technologies-Announces-Strategic-Partnership-with-HIVE-Blockchain-Technologies.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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