BUX Completes Acquisition of Blockport After Declaring Bankruptcy
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Answer BUX Completes Acquisition of Blockport After Declaring Bankruptcy
We preceded and followed on the Arab Bitcoin website, the Blockport platform, and its announcement of closing its doors after declaring its bankruptcy.
New news reports emerge that European investment platform BUX has acquired Blockport, which was originally marketed as the first crypto-trading social platform.
The Netherlands-based BUX platform is active in 9 countries and promotes a business model similar to Blockport, but this will be the first experience outside of traditional finance and cryptocurrency trading.
Although the terms of the agreement were not disclosed, the core Blockport team will lead the platform integration and rebranding of BUX Crypto.
Acquisition:
Explaining the reasons behind the acquisition, Nick Borut, CEO and founder of BUX, said:
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… Users have long expressed interest in investing in cryptocurrencies and we were presented with the opportunity to bring in a committed and enthusiastic team that clearly aligns with ours.
As the company believes that cryptocurrency will play a vital role in the future of the financial ecosystem, BUX Crypto will support existing trading and investment products such as BUX Zero and BUX X so that the company can position itself 360 degrees for all of the investment needs of millennials.
Blockport founder Sebastian Lichter stated:
The Blockport token will also be renamed under the BUX umbrella and will remain integrated into the platform and will also retain the trading discount function, which provides users with a discount on trading fees.
The timing of the announcement coincides with regulatory requirements forcing companies to register with the Dutch Central Bank (DNB) from January 10, 2020 if they provide services for the exchange between cryptocurrency and fiat currencies.
Launched in a $15 million initial offer (ICO), “Blockport” began in January 2018.
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To proceed with the introduction of the Security Token (STO) the following year, the public response was muted.
Read also:
What is the reason for Blockport coin dropping more than 85% in one day?
Cryptocurrency trading platform disappears with the money of customers and users
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