In a joint statement dated November 13, GoverMedia Plus Canada Corporation has revealed its plans to acquire EXMO, one of the largest European cryptocurrency exchanges.
As per the statement, GoverMedia Plus Canada Corporation has entered into a non-binding Letter of Intent (LOI) with EXMO, which gives the former exclusive rights to negotiate the acquisition of the exchange up to a period of 180 days. Once the transaction is successfully done, the combined entity will continue the business of EXMO and will be listed on the stock exchange.
Both the parties have agreed to formulate the final acquisition deal in compliance with all essential legal and regulatory requirements and be as cost-effective as possible. The LOI implies that the final deal will be determined by a mutual agreement between GoverMedia and EXMO.
Commenting on the development, Roland J. Bopp, CEO of GoverMedia said,
“I am very pleased to announce the intended business combination with EXMO one of the largest European cryptocurrency exchanges. This is a further step in the Company’s publicly announced strategic partnership. After the successful completion of the business combination, the company will have over 2.0 million active users and provides an excellent platform to increase revenue further and improve operating results in European, North American and Asian markets. This will be an important step for the Company as we progress toward our transformation into strong, leading global businesses with the scale and financial flexibility to drive long-term value creation”.
To this, Sergey Zhdanov, CEO of EXMO added, “At EXMO, we see this combination as a perfect opportunity to strengthen our team and raise our influence on the universal cryptocurrency market. We are very excited about this partnership because it provides us deeper insights for decision-making purposes and brings our clients the best infrastructure and maximum security. This combination will assist us to achieve one of our main targets: to become the most credible and reliable business on the cryptomarket”.
Founded in 2013, EXMO is one of the world’s largest global exchanges in volume and liquidity. Its average daily trading volume is $40-50 million. It has a large pool of 1.5 million users, more than 100 trading pairs, 6 FIAT currencies (USD, EUR, RUB, PLN, UAH, TRY), on its platform.
GoverMedia Plus Canada Corporation
A fully owned Russian technology subsidiary, GoverMedia Plus Canada Corporation’s wide range of online services include e-commerce, social media, multimedia, corporate auctions, corporate database, messaging platform and crowdfunding.