Stater advances blockchain development with letter of intent from Long Blockchain Corporation

“This merger would truly be a transformational moment for our business. Stater Blockchain brings a number of different assets to the table and our collective business will be unique in the investor space. It gives a holistic value add for shareholders through accretive blockchain expertise and plans, as well as a regulated institutional brokerage through Stater Global Markets.” – Ramy Soliman, CEO, Stater Global Markets

Long Blockchain Corporation has announced that it has entered into a letter-of-intent with Stater Blockchain Limited.

Stater’s wholly-owned subsidiary, Stater Global Markets, is a Financial Conduct Authority (FCA) regulated brokerage that facilitates market access across multiple instruments including spot FX, digital currency futures and contracts for difference (CFDs).

The letter-of-intent contemplates an all-stock transaction pursuant to which the Company would form a wholly-owned subsidiary which would merge with and into Stater with Stater surviving as a wholly-owned subsidiary of the Company. It is anticipated that the Company would remain listed on the Nasdaq Capital Markets following the closing of the transaction.

If the Company is able to reach an agreement with Stater and the transaction is consummated, it is expected to complement its recently announced agreement to acquire 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs.

Philip Thomas, Chief Executive Officer of Long Blockchain, commented, “We are excited to announce this potential milestone event for the Company. Stater has been making investments to build its cryptocurrency platform and blockchain solutions, and we look forward to combining our efforts in this transformational partnership.”

“Our ultimate goal is to build a portfolio of investments that touch multiple points in the blockchain ecosystem and this transaction
would be an important step in that direction” said Mr Thomas.

Ramy Soliman, Chief Executive Officer of Stater Blockchain, added, “This merger would truly be a transformational moment for our business. Stater Blockchain brings a number of different assets to the table and our collective business will be unique in the investor space. It gives a holistic value add for shareholders through accretive blockchain expertise and plans, as well as a regulated institutional brokerage through Stater Global Markets.”

“This combination of fintech and brokerage is a really powerful value proposition and we look forward to working with Philip and his team
to achieve a leading position in a dynamic new world” concluded Mr Soliman

Terms of the letter-of-intent between the Company and Stater have not been made public at this time. Completion of the transaction is subject to the negotiation of a definitive merger agreement between the parties (the “Merger Agreement”), satisfaction of the conditions negotiated therein and approval of the transaction by the Company’s stockholders. Accordingly, there can be no assurance that a Merger Agreement will be entered into or that the proposed merger with Stater will be consummated.

Assuming the Company and Stater enter into the Merger Agreement, the parties will look to seek stockholder approval from the Company’s stockholders in the second quarter of 2018, subject to SEC review of the proxy statement to be filed by the parties for the proposed transaction, and will look to close the transaction shortly thereafter.

Read this next

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

<