BTCC sells stake in mining division to Value Convergence Holdings Limited

Posted 25 June, 2018

The mining pool run by China's crypto company BTCC – BTCC Pool Limited – has reportedly agreed to sell its shares (49%).

According to the news reports, Value Convergence (VC) Holdings Limited is considered as a potential buyer. The companies have already signed an MOU.

The released document reads:

"The consideration for the Proposed Acquisition shall be HK$147,000,000 and is expected to be satisfied by the Purchaser by a combination of cash and Consideration Shares at the issue price of HK$1.5 per Consideration Share"

Notably, the Memorandum of Understanding should not be considered as a legal document, while its terms and conditions are subject to discussion.Value Convergence (VC) Holdings Limited is a securities and asset management firm. The current agreement is said to play an important role for the company. Specifically, with this merger, VC will be able to keep expanding business via integration into financial technologies.

It is worth mentioning that BTCC suspended activities in China once Beijing banned cryptos and ICOs in the country. At the same time, now it works in three directions – mining pool, crypto wallet and USD-BTC exchanger.

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25 June, 2018 16:28

←  Miner producer Ebang Communication plans IPO in Hong Kong

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 Miner producer Ebang Communication plans IPO in Hong Kong

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