ARAX Holdings signed a binding letter of intent and terms of agreement to acquire 75% of the share capital of blockchain firm Core Business Holding, the company behind Core Blockchain.
At press time, ARAX, which trades on OTC markets under the symbol ARAT, is up 600% on the day, reaching $1 from an open of $0.14.
CryptoSlate recently interviewed Core CEO Ockhert Loubser for an episode of SlateCast in which he divulged the expansive plan for the Core ecosystem. While Core Blockchain is not part of the deal, partly due to its decentralized nature, several of its dApps and DeFi projects are.
The acquisition includes intellectual property associated with the following projects:
Core platform for tokens and smart contractsPing Exchange and Settlement PlatformWall Money NEO Banking and FinTech SaaSCorePay Payment and Remittance Platform
As the custodian of the intellectual property and software, arTax Consult sro currently manages the assets for their owners.
In addition, ARAX and the current owners commissioned arTax to structure, document and insure Core Business Holdings’ assets in four different organizations to match the above projects.
ARAX is currently investing in WEB3 projects and future WEB4 projects, implementing blockchain-based solutions as they see great potential in blockchain technology.
The investment firm cited several reasons for the recent acquisition of stakes in Core Business. Core Business Holdings’ software solutions employ the Core Blockchain Network, which according to the statement, is the world’s fastest, most scalable and most secure fully decentralized platform built on an environmentally friendly proof-of-work blockchain. Michael Loubser, CEO of ARAX, commented:
“The acquisition of Core Business Holdings will be a complete game changer for ARAX. It will put the company at the forefront of digital assets, tokenization, instant data and transaction deals with a specific focus on asset management, and much more with cutting-edge technology built on Core Blockchain, the next generation in fully decentralized systems. . networks.”
In addition to acquiring the majority stake, ARAX confirmed that it would also seek to acquire Core’s minority stakes.
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This post DeFi and dApp developer Core Business Holdings goes public in the US through ARAX acquisition
was published first on https://cryptoslate.com/defi-dapp-developer-core-business-holdings-goes-public-through-arax-acquisition/