BTL Group signs binding letter of intent to acquire Xapcash Technologies
Canada-based blockchain technologies developer BTL Group has signed an agreement Xapcash Technologies.
Canada-based blockchain technologies developer BTL Group has signed an agreement to acquire all of the issued and outstanding securities of remittance company Xapcash Technologies.
The companies will collaborate on new blockchain based remittance products using Xapcash’s front-end remittance product and BTL’s back-end remittance platform (Interbit) to transmit funds globally, efficiently and at low costs to users.
Also, Xapcash has secured money service business (MSB) registration in Canada.
BTL will purchase all of the securities of Xapcash following the terms of the definitive agreement, in exchange for 220,000 common shares of BTL.
This deal is conditional upon the parties entering into a definitive agreement on or before 4 March 2016 and subject to regulatory approval, including the approval of the Exchange, and any third party approvals and authorizations.
BTL CEO Guy Halford-Thompson said: “This year is of strategic importance to BTL as we aim to penetrate the global remittance market with our blockchain solutions and start building revenues and margin. The addition of Xapcash, and its management and blockchain expertise advances this strategy.”
Xapcash founder and CEO Jackson Warren said: “This merger with BTL ensures a successful launch of a joint remittance solution and pave the way for more innovative Xapcash/BTL products in the future.
“Furthermore, the partnership significantly expands what is already considerable blockchain expertise among the management of BTL, and I am excited to become a shareholder of BTL.”