BitMEX cryptocurrency exchange and the French wine company Madison Holdings Group intend to jointly receive a majority stake in the Japanese licensed BitOcean exchange, Cointelegraph reports.
Madison Holdings Group, listed in Hong Kong, plans to acquire 62.7% of BitOcean shares for 1.68 billion yen ($ 15.12 million) from their current holders, plus an additional $ 15 million to cover related costs. According to the information available, the transaction has not yet been completed and is being carried out through a unit called Madison Labs.
The BitOcean Exchange is officially registered by the Japanese regulator, however at present it does not serve trades.
At the same time, sister company BitMEX HDR Cadenza Management is negotiating with Madison Labs to acquire 51% of its shares for $ 17.14 million, reports the South China Morning Post (SCMP). If both deals are completed, BitMEX will become the indirect owner of BitOcean.
Madison is one of the largest wine companies in the world with a capitalization of $ 534 million. Its leaders said they are investing in the cryptocurrency sector to diversify their own business. But Madison’s wine business is stable and profitable, it is hard to scale.
This is why we have to diversify into financial technology and the cryptocurrency business — to achieve a better return for our shareholders.
Raymond Ting Pang-wan
At the same time, they are optimistic about the prospects of the market and their new enterprise. Arthur Hayes, CEO of BitMEX, believes that Ethereum will reach $200 as ICOs gain popularity again.