Canadian company CanETH Staking Services Inc., an institutional-grade staking service for holders of Ether backed by Khurram Shroff, Chairman of Dubai’s IBC group, will be acquired by Vancouver B.C, based iMining Blockchain and Cryptocurrency Inc. as per an announcement on February 3, 2021. This will make CanETH the first staking service to be publicly traded on the TSX Venture Exchange (“TSXV”). The acquisition is expected to be completed by April 30, 2021.
Shareholders of CanETH, will eventually own 42.13% of iMining, post this acquisition. CanETH will add its proprietary secured, reliable, and scalable staking process to iMining’s existing services, giving the merged entity a significant edge in the crypto sector.
In a congratulatory message to Khurram Shroff, CanETH’s CEO Daren Tung highlighted the significance of these changes. “We are delighted to be entering into this transaction with iMining to become a publicly-traded company”, said Daren Tung. “This merger will allow us to accelerate our growth opportunities and strive to become a leading player in the crypto-financial sector”.
The acquisition will also lead to Mr. Saleem Moosa, the current CFO of CanETH, taking over the directorship of iMining. Mr. Moosa brings with him extensive experience in the financial sector with significant expertise in M&A transactions, restructuring mandates and equity raising projects.
iMining Blockchain and Cryptocurrency Inc. is currently active in the Blockchain space, mining cryptocurrencies, and providing infrastructure and power to its colocation clients. By adding Ethereum 2.0 staking, iMining will gain a foothold in the game-changing ‘Proof of Stake’ model of Blockchain services.
“Since its inception, CanETH’s goal has been to provide a robust and dependable transaction platform to its consumers”, said Khurram Shroff. “IBC Groups first investment saw us acquire 80,000 Ether for CanETH to stake for 2500 Validators, but today, CanETH has infrastructure to serve over 20,000 validators, with 640,000 ETH. This acquisition gives CanETH the ability to strategically expand its addressable market”.
“Ethereum, the world’s second-biggest cryptocurrency by valuation, has grown over 300% in value, in the last few months. The cryptocurrency has evolved into an enabler of many innovative technologies and applications, and the launch of Ethereum 2.0 has set the stage for it to undergo a massive expansion,” remarked Khurram Shroff.