Securing a second South East Asian cryptocurrency exchange appeared to be golden opportunity for ASX-listed company Fatfish Blockchain Limited.
But as company advisors dug a little deeper, the deal was struck out at the eleventh hour.
Just after midday last Tuesday (27/11), Fatfish Blockchain shares (ASX:FFG) went into a trading halt, pending “the release of an announcement in relation to a transaction”.
By Thursday the halt became a trading suspension with negotiations between FFG and the mystery cryptocurrency exchange continuing.
Something, however, didn’t stack up and tonight FFG announced its advisors have vetoed the investment.
“The Transaction involved a subsidiary of the Company co-founding and providing incubation support and funding to a fiat-to-cypto exchange targeting the South East Asian market,” said the company in a statement.
“The Company confirms that no funds have been advanced by the Company for the purposes of the exchange, no material Company resources have been applied to the exchange and that the Company does not presently hold any shareholding or other rights in respect of the exchange.”
FFG shares will resume trading on the ASX tomorrow, after almost a week.
Singapore cryptocurrency exchange goes live
As company executives were considering a new exchange investment, FatFish Blockchain’s existing crypto exchange, Kryptos-X, went live last Wednesday.
FFG invested US$1m for a 27% stake in Kryptos-X, which has been developed by Chi-X Global founder Tony Mackay.
Earlier this year Micky published a comprehensive article about the development of Kryptos-X. You can read it here.
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