GlobalBlock, the UK based digital asset broker, has agreed to a business combination with Canadian blockchain application and technologies developer Helix Applications in a £32million deal.
Helix, a company listed on Toronto’s TSX Venture exchange, has acquired the shares in GlobalBlock, subject to regulatory and stock exchange approval. Back in March, the pair agreed to work together exclusively to negotiate a potential business combination.
At the time, Helix said it was confident that if the companies could ‘consummate a potential transaction’, then it would support GlobalBlock in maximising their opportunity for growth as well as capitalising upon Helix’s currently held Blockchain related assets.
The agreement will see Helix change its name and the new entity will undertake the business of providing digital asset trading services via GlobalBlock’s digital asset trading platform, mobile app and personalised telephone broking service.
Karl Thompson, co-founder of GlobalBlock said: “Having founded and built successful customer centric businesses in the investment and trading industry and now the cryptocurrency space, we are very excited about combining GlobalBlock with Helix.
“Our aim is to propel our growth and become a leader in the provision of digital asset trading services. We take customer service and protection incredibly seriously, understanding the value of focusing on a hand holding approach for our clients, especially as we are still at an early stage of digital asset adoption.”
Meanwhile, Rufus Round, CEO at Helix, said: “Helix continues to build momentum in blockchain technology and digital assets. Having successfully signed the definitive agreement with GlobalBlock, we are excited about our future growth. GlobalBlock has a highly experienced team with proven track records of building profitable financial and investment businesses. I look forward to working with them in building a successful business.”
Established in 2018, GlobalBlock has seen record trading volumes so far in 2021 with clients trading in more than 80 digital assets. In addition to providing access to trading cryptocurrency across the mobile app and trading platform, GlobalBlock wants to offer a customer focused telephone service. By combining its business with Helix’s it says it will look to broaden the portfolio of services to clients who are looking to diversify securely into digital assets.
Following the deal, David Thomas, director and co-founder at GlobalBlock, is expected to become chief operating officer of the combined company. While other shareholders of GlobalBlock will continue to manage and operate GlobalBlock from the UK.