- HIVE Blockchain Technologies (NASDAQ:HIVE) +2.4% premarket, invests in Titan.IO, a cutting-edge blockchain software company and the creator of Lumerin, a next generation decentralized mining marketplace where hashpower can be bought and sold using tokens.
- The investment in Titan has been structured as a share exchange where the company will issue to Titan securities consisting of shares and warrants having a value of $5M at C$6/share.
- Titan will issue to HIVE common shares in an amount representing 10% of the outstanding equity of Titan.
- Titan offers software which helps Bitcoin miners increase their efficiency and scalability at a flat, low cost.
- This investment in Titan marks the company's fourth equity investment of the year.
- HIVE Executive Chairman Frank Holmes strongly endorses the Titan team, stating: "We're backing an extremely strong technological team at Titan, led by expert 15-year veteran software coder CEO Ryan Condron. We were also impressed by Matthew Roszak, co-founder and chairman of Bloq, a leading enterprise software blockchain company. And co-founder Jeff Garzik was an early Bitcoin core developer. HIVE wants to participate in growth in the blockchain ecosystem such as mining software, transparent pools and innovative new tokens, and this is another strategic way to do that. We look forward to working with Titan to capture new opportunities as Bitcoin mining power shifts from China to North America."