(Alliance News) - Valereum Blockchain PLC said on Wednesday it had acquired Gibraltar-based Juno Group for GBP850,000.
The Gibraltar-based company, focused on linking US dollar and sterling into the world of crypto currencies, said GBP500,000 of the GBP850,000 amount would be paid in cash and the remaining GBP350,000 would be payable in Valereum shares on the one-year anniversary of completion.
Juno is described by Valereum as a group with three areas of licensed operation covering the formation and management of trusts and similar entities, the administration of funds covering a broad range of activities - including both fiat and crypto currencies - and the formation and management of companies in Gibraltar and other jurisdictions worldwide.
Chair Richard Poulden said: "This acquisition is an important part of building the Valereum Bridge to provide a fully regulated link between the fiat and crypto worlds and complements the company's efforts with respect to the Gibraltar Stock Exchange."
On completion, Director Alan Gravett will become chair of Juno. Valereum also added that it intends to change its name to Valereum PLC from Valereum Blockchain PLC as it "better reflects" the company's widened focus.
In late October, Valereum took out its option to buy an 80% stake in the Gibraltar Stock Exchange from Global Exchange Group, which will retain a 20% stake.
Shares in Valereum were at 35.96 pence the Aquis Stock Exchange on Wednesday.
By Heather Rydings; heatherrydings@alliancenews.com
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