A firm in the name of the Blockchain Exchange Alliance based in Singapore has a major cryptocurrency exchange in the name of Bithumb.
The Blockchain Exchange Alliance wants the United States to acquire Bithumb. Meanwhile, another popular firm in the name of the Blockchain Industries has said that they have a letter of intent with Blockchain Exchange Alliance.
Generally, using a reverse merger or acquiring a public traded company is a faster way to make a company public. If this reverse merger move become successful then this would be the first time a cryptocurrency exchange is going public.
An anonymous source said that Blockchain Exchange Alliance once tried to file for a public offering in Singapore but they didn’t wait for up to 2years to complete their IPO.
If this move works then the combined companies will leave the over-the-counter (OTC) markets to the New York Stock Exchange or Nasdaq. One of the ex-hedge fund manager at Fortress Investment Group and a well-known cryptocurrency bull, Mike Novogratz also used the reverse merger method to list his cryptocurrency investment bank in the Canadian stock market in 2018.
He bought a cryptocurrency firm in the name of Coin Capital and merged it using the reverse method with the Canadian shell company in the name of Bradmer Pharmaceuticals.
The company was later renamed and it currently trades on the TSX Venture Exchange as Galaxy Digital Holdings. The reverse merger method has reportedly being used by various firms.