Graph Blockchain (CSE: GBLC) this morning closed the acquisition of Babbage Mining Corp. The firm is focused on developing what it refers to as a best-in-class cryptocurrency miner, with the focus of generating revenue through proof of stake mining for tokens and altcoins.
Babbage is currently focused on a number of aspects within the cryptocurrency space in addition to mining. For instance, the company is focused on mining the most disruptive currencies with potential upside, such as Layer 2 Scaling, which is tech that improves transaction speed and throughput, as well as decentralized finance protocols.
The new subsidiary will also look to place capital directly into certain tokens where it is instructed to use it towards mining as a means of returning additional tokens while providing additional exposure to the appreciation of the currency being mined.
“The acquisition of Babbage will help position Graph in the evolving and rapidly expanding cryptocurrency space. Graph now has a platform in Altcoin for employing blockchain transactions through crypto mining, related payments on blockchain, and a variety of subsequent support services.”Andrew Ryu, CEO of Graph Blockchain
Under the terms of the transaction, Graph issued 60.0 million units of the company to the shareholders of Babbage. Each unit contains one common share and one common share purchase warrant, with warrants valid for a period of 18 months from the date of issuance and subject to an acceleration clause. Overall, the aggregate purchase price for Babbage amounts to $4.8 million.
Graph Blockchain last traded at $0.31 on the CSE.
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