BIGG to Acquire Web3 Company TerraZero in $20M Deal

According to GlobeNewswire, BIGG Digital Assets Inc. (BIGG) has formalized its intent to acquire all outstanding shares of TerraZero Technologies Inc. not already under its umbrella. The transaction, with an estimated valuation of approximately $20 million, is set to be facilitated through an issuance of around 62 million common shares of BIGG.

TerraZero is not just another name in the Web3/Metaverse arena. With a clientele that reads like a who’s who of the industry, including stalwarts such as Miller Lite, PwC, and Warner Records, this acquisition is a testament to BIGG’s vision to diversify and deepen its footprint in the rapidly evolving metaverse landscape. This move is not just about expansion; it’s a strategic alignment that promises to offer BIGG’s shareholders a diversified portfolio with enhanced reach into the metaverse business.

Diving deeper into the financials, TerraZero’s performance in the first half of 2023 has been nothing short of impressive. The company reported a robust revenue of around $1.5M, marking a significant 161% growth year-over-year. But TerraZero isn’t resting on its laurels. The company has charted out an ambitious roadmap that focuses on the development and launch of its Intraverse technology ecosystem by Q1 2024.

The Intraverse platform, as envisioned by TerraZero, is poised to redefine the realms of immersive e-commerce and the upcoming 3D Internet. Beyond its core functionalities, the platform is gearing up to seamlessly integrate features such as credit card payments. Furthermore, in a move that underscores the synergy between the two companies, the platform will soon incorporate KYC, AML, and data analytics capabilities from Blockchain Intelligence Group. This integration, coupled with Netcoins’ fiat to crypto exchange features, promises to elevate the platform’s offerings.

In terms of the specifics of the acquisition, once the dust settles, TerraZero is slated to operate as a wholly-owned subsidiary of BIGG. The share exchange dynamics have been worked out to an approximate rate of 1.69 BIGG Shares for each TerraZero share. This pegs the offer’s value at roughly $0.54 per TerraZero Share, a figure derived from the average trading price of BIGG Shares on the CSE as of August 22, 2023.

Post-acquisition, the shareholder landscape will undergo a significant shift. Existing BIGG and TerraZero shareholders will find themselves holding about 80% and 20% stakes in BIGG, respectively. Adding to the post-deal developments, TerraZero’s CEO, Dan Reitzik, is set for a 12-month tenure as a non-voting observer on BIGG’s board.

In conclusion, this acquisition, backed by endorsements from both BIGG’s and TerraZero’s boards, promises to be a game-changer in the crypto and metaverse sectors, setting the stage for exciting developments in the near future.

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BIGG Digital Assets Inc.Releases Q1 Result, Revenue Hits up to $2.5m

Canada-based cryptocurrency company BIGG Digital Assets Inc. announced its financial results for the first quarter of 2022, with total quarterly revenue of $2.5 million. 

In the quarter income, its subsidiary Blockchain Intelligence Group contributed $530,000, whereas digital trading app Netcoins of $1.97 million.

The Vancouver-based cryptocurrency compliance and real-time intelligence subsidiary of BIGG Digital Assets Inc, named Blockchain Intelligence Group (“BIG”), reported a 76% sequential increase in revenue in the first quarter.

The company said that as of April 30, it had about 575 bitcoins worth about $22 million in total. Blockchain Intelligence Group currently supports 11 blockchains and over 372,000 ERC-20 tokens and plans to expand the blockchain further.

BIGG Digital Assets Inc invests in products and companies within the cryptocurrency industry.

The company operates two business segments: Blockchain Technology Development and Digital Currency Sales via the Netcoins App.

Netcoins outperformed the broader market with revenue of $1.97 million in the first quarter, down 29% sequentially compared to the industry average of 37.7%.

BIGG CEO Mark Binns explained the whereabouts:

“Netcoins, despite a pullback in trading volumes and revenue, exceeded industry norms for the quarter, and we believe we gained market share in Canada. Coinbase, for comparative purposes, saw a 58% decline in retail trading volume in Q1 vs Q4. Our customer base grew by 24% in Q1, and as volume and volatility returns to the market, we are very well positioned to take advantage.”

BIGG has also invested in TerraZero and acquired about 30% of the ownership. In the future, BIGG will continue to develop its main business and invest in emerging businesses.

Blockchain Intelligence Group “BIG” added the Dash and Dogecoin cryptocurrencies to its ecosystem of data tools that can be tracked and risk assessed by exchanges, banks, and law enforcement.

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