Hive Blockchain (TSXV: HIVE) has completed a previously announced share exchange agreement with that of DeFi Technologies (NEO: DEFI). The arrangement was conducted in relation to a partnership on decentralized finance.
Under the terms of the share exchange agreement, DeFi Technologies has issued 10,000,000 million common shares, or approximately 5% of its outstanding equity, to Hive Blockchain. In exchange, Hive has issued 4.0 million common shares, or approximately 1% of its outstanding equity, to DeFi.
The exchange was conducted as the two firms look to form a partnership focused on a decentralized finance ecosystem. Specific applications of the partnership include ethereum and the miner extractable value, or MEV, space. MEV refers to the amount of profit miners can extract from reordering and censoring transactions on the blockchain.
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Decentralized finance, or DeFi as it is more commonly known, is believed to be one of the strongest demand drives for Ethereum, with the investment in DeFi Technologies reportedly giving the company a “double benefit” as technologies continue to develop.
Hive Blockchain last traded at $4.00 on the TSX Venture.
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