Canadian HyperBlock Technologies Corp. announced in its official press-release that it has reached an agreement to acquire crypto currency mining firm CryptoGlobal Corp. for $106 million.
"CryptoGlobal Corp. and HyperBlock Technologies Corp. are pleased to announce that they have entered into a definitive arrangement agreement dated April 3, 2018 pursuant to which HyperBlock will acquire all of the issued and outstanding common shares of CryptoGlobal by way of an acquisition arrangement. Pursuant to the Transaction, the parties will apply to list the combined company, which will operate under the name HyperBlock Technologies Corp.," said in the company's press-release.
CryptoGlobal’s Cofounders Rob Segal and James Millership will be placed in leadership roles at the combined company, with Segal also set to be appointed to Hyperblock’s Board of Directors.
"Our aim is to become a comprehensive direct-to-consumer crypto company, offering products and services to the mainstream customer for making and managing their crypto-asset investments," Sean Walsh, chief executive officer at HyperBlock, told Reuters in an interview.
The combined company will operate over 21,000 combined operation crypto mining servers using its 28MW of existing utilization, with the potential ability to grow to over 90MW.
By Anton Lysenkov