The Crypto Exchange is a partner of BitMEX and a French wine retailer. The two companies have rolled out a potential partnership to acquire a majority stake in the Japanese crypto exchange BitOcean, which is not yet active, although it is licensed.
The Madison Holdings Group, located in the Growth Business Market (GEM) of the Hong Kong Stock Exchange, will add an additional $ 15 million to the additional third party stake, which will be paid to existing third-party stakeholders of 1.68 billion yen ($ 15.12 million), while BitOcean's 62.7 % plans to get the stake.
Although BitOcean has not started the services by the Japanese Financial Services Agency (FSA) is an officially registered crypto exchange.
The BitOcean agreement states that Madison Labs has been in line with the plan to be acquired by BitMEX's parent company.
HDR Cadenza Management, a subsidiary of HDR Global Trading, which owns BitMEX, plans to acquire a 51% stake in Madison Labs, which costs $ 17.14 million.
If both agreements are concluded, the merger will make Bitmex a joint and indirect shareholder in Madison's crypto trade initiative.
Madison board chairman Raymond Ting Pang-wan; company, has chosen to invest in BitOcean because of its licensed status and the country's robust cryptographic regulatory structure. told.
Ting also said that although Madison's wine industry is stable and profitable, it is difficult to scale, and said:
”For this reason, we have to turn to financial technology and crypto-business to get a better return for our shareholders.“
Also, when crypto and blockchain become more popular, help the firm to expand its source of income commented.
The Japan Virtual Currency has a comprehensive procedure for the licensing of the Stock Exchange Union (JVCEA) and crypto stock market operators. He has been focusing on the industry's surveillance and review since the hackin 'incident of January in Coincheck.
Throughout 2018, the Japanese Financial Services Agency continued to intensify conditions for applicants, while all the crypto exchanges operating in Japan since the change of the country's Payment Services Act in April 2017 had to have a license; it is already reported that up to 200 operators are expecting a license.
Source: Contelegraph