According to Coinmetro’s press release, the crypto exchange Coinmetro announced Tuesday it would acquire Ignium a blockchain-based social crowdfunding platform.
Coinmetro bought 71% of Ignium shares on February 3, and plans to purchase the rest by April, a statement stated. Coinmetro revealed that the acquisition’s value was EUR4 million ($4.3million).
Coinmetro, a digital asset exchange based in Estonia is called Coinmetro. License In the European Union, Ignium is registered in Australia, Canada and the U.S. It offers a platform to micro and small businesses to raise funds from their communities through the minting of non-fungible tokens and issuing securities.
Coinmetro plans to expand its services to regulated securities offering with the acquisition. This acquisition comes as U.S. regulators crack down on exchanges like Kraken and Paxos that offer products they claim are unregistered securities.
Coinmetro estimates that 60 million small businesses are not banked due to the inability of traditional financial services to meet their needs. The exchange will create a product to help these businesses get funding directly from their communities.
Coinmetro stated that this offering was the first in crypto market. It allows participants to be more involved with businesses they love.
Both companies already had a relationship as Coinmetro was one of Ignium’s first customers. In fact, Coinmetro raised $2.5 million via the platform in 2021.
The press release stated that Ignium’s assets and its 4,000 users would be transferred to Coinmetro by closing the transaction.