Millennium BlockChain, a holding company focused on blockchain technologies and crypto-assets, has signed a letter of intent to purchase 24 per cent of ChoiceTrade in the securities brokerage firm’s shares, “ChoiceTrade Shares.”
Millennium Blockchain intends to exchange 4.5 million shares of its common stock and an equal number of warrants at a strike price of $3 for its 24 per cent stake in ChoiceTrade.
“Millennium BlockChain’s partnership with ChoiceTrade will provide more financial value for stock investors and crypto investors alike,” said Brandon Romanek, CEO of Millennium BlockChain. “It’s a privilege to partner with ChoiceTrade and leverage their technology and regulatory expertise as they become a significant player in the fast-evolving blockchain space.”
During the six months following the close of the transaction, Millennium BlockChain intends to fund ChoiceTrade in the amount of $10 million or more to spur ChoiceTrade’s growth.
“We are extremely excited to have Millennium BlockChain as our second largest shareholder, and adding a crypto asset class to our company’s offerings,” said Neville Golvala, CEO and founder of ChoiceTrade. “Millennium BlockChain’s executive team brings a robust network and experience in the blockchain industry and crypto asset class to ChoiceTrade’s offerings, which benefits both companies as we work together to bring favorable circumstances to holders’ assets as well as increase our customer base.”
ChoiceTrade plans to introduce an arrangement with one or more cryptocurrency exchanges for its trading platform, and following the completion of its technology upgrade, its customers will have the ability to trade crypto on its platform.
“Bitcoin and other cryptocurrencies have recently become popular with investors, yet there weren’t any fully integrated online brokers that offered the ability to trade them, and customers had to go directly to specialized crypto exchanges,” said Enzo Villani, Chairman of Millennium BlockChain. “The ability to integrate cryptocurrency trading with ChoiceTrade’s additional trading platform offerings will be a significant competitive advantage distinguishing ChoiceTrade from other trading platforms, and we anticipate that execution of our plans will increase professional institutional investor interest in both parties.”