Australian cryptocurrency venture firm, FatFish Internet Group (ASX:FFG) has been forced to address ASX queries and market speculation its directors are on the hunt for new investors at Consenus 2018.
FatFish Internet Group today asked the Australian Stock Exchange for a trading halt before releasing a market update. It read:
In response to queries from the ASX and to address market speculation, the Board of directors of Fatfish Internet Group Limited wishes to confirm that:
1. Key executives of the Company are currently at the Consensus blockchain conference in New York City, one of the largest conferences of the sector. The Company is promoting itself generally and looking at new development of the blockchain technology at the conference. The Company is not currently in any fund raising exercise.
2. the Board of Directors is always assessing the need for capital as the Company enters into new projects.
3. Should the Company decide on any fund raising exercise, the Board of Directors will keep the market informed immediately.
Micky.com.au understands CEO Kin-Wai Lau, Director Phillip Lord and investor relations consultant Jane Morgan are among the FatFish contingent at the blockchain technology summit.
The company’s quarterly report for the quarter ending 31 March 2018, shows just over AU$1.2m in the bank, but FFG announced on May 3 an intention to invest US$500,000 for 10% of crypto funds-of-funds manager Epsilon Capital.
Since November 2017, FFG has made aggressive inroads into blockchain and cryptocurrency.
In around 6 months the company has invested more than US$2.5m acquiring:
- 27% of Singapore cryptocurrency exchange start-up Kryptos-X.
- 12.5% of UK-based crypto assets fund manager Altairian Capital Holdings Ltd.
- 60% of Singapore-based ICO marketing and advisory start-up CrpytoFoundry Pte Ltd.
- 51% of crypto mining firm APAC Mining.
While the company’s cryptocurrency mining business looks set to become a cash-cow, questions are being asked about the company’s most high-profile play, Kryptos-X.
The project is the brain-child of Chi-X Europe and Global founding CEO and Chairman, Tony Mackay.
On November 28, 2017 FatFish Internet Group said “Preparatory steps will commence immediately and should take approximately 3 months before Kryptos-X is ready to commence operation.”
The latest on the exchange from the company – “Operations commencing May 2018”
There’s been no new update so far this month, with a basic landing page currently in place.
Micky recently published an article about the Australian speakers at Consensus 2018, click here to read.