Cryptocurrencies are still on the rise and everyone wants a piece. This is leading to M&A deals in all sorts of markets, but which crypto deals should you look out for?
TokenPay and Lite
Tokenpay, ranked the 136th crypto with a tiny $60m market capitalisation, has made a bold manoeuvre. It teamed with Charlie Lee and Litecoin– who had previously rapped it as a scam. This is set to be a bigger game-changer.
These two combined to buy 10% of Germany’s Weg Bank. The trio is set to make history with this unprecedented deal.
In the first M&A transaction of its kind, Tokenpay sold Weg’s 10% stake to Litecoin in exchange for technical and marketing advice to build its decentralised eFin token exchange.
Awanish Rajan, CEO of crypto derivatives exchange Idap.io, has forecast that coin-swapping bourses will grow tenfold to $200bn in daily trading volumes.
He expects cash-rich Binance, Coinbase or Bitmex – which are already churning $10m in daily profits – could eventually target the world’s top banks. Conversely, the Citigroups of the world could also rush to acquire those platforms before they get too large to absorb.
These partnerships may be a little while away, but they are destined to happen.
Santander and BBVA crypto deals
Santander boasts that it is the world’s most crypto-friendly bank.
It was a founding member of several consortia, including the Enterprise Ethereum Alliance, Alastria, we.trade and Utility Settlement Coin. This is a massive change from a bank that was about to block bitcoin purchases with credit cards.
BBVA also announced that it has signed a €100m ($117m) long-term bilateral loan with compatriot builder ACS using the blockchain.
It said the technology “guarantees contract transparency and traceability” as parties can verify and trace contractual stages and conditions at any time.
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