One of the largest cryptocurrency exchanges by trading volume, Bithumb is seeking to go public in the U.S. through a reverse manager.
Blockchain Industries announced that it had successfully signed a binding letter with the intent of agreement with Singapore-based BTHMB Holdings, the holding company of Bithumb, for the reverse merger deal.
A reverse merger is better known as a reverse initial public offering (IPO), in which a private company acquires a publicly listed company in order to bypass the lengthy and complex process normal conducted through a conventional IPO.
Once the deal has successfully gone through, the newly combined business will change their name to Blockchain Exchange Alliance (BXA) becoming of the first U.S. listed crypto exchanges. Both parties are hoping to complete this deal by March 1st according to the announcement.
BTHMB Holdings has already agreed to place $1 million into an escrow account as a part of this deal, which is currently being reviewed by parties involved, as well as a final agreement on the terms and valuation.
With this recent deal coming through and BXA coming into existence as the very first crypto company to becoming listed, it’s going to be quite the ride to see if they succeed during the coming months. As crypto continues to grow more and more companies are waging various business deals to become the best business around for crypto and gain footholds that would’ve been difficult to achieve during the early days.