The two Toronto-based companies did not disclose the terms of the deal, which they expect to close in the fourth quarter of 2022 if regulators approve it. (The Logic)
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The two Toronto-based companies did not disclose the terms of the deal, which they expect to close in the fourth quarter of 2022 if regulators approve it. (The Logic)
Talking point: The proposed takeover deal is an example of two trends in the Canadian crypto industry: consolidation and gaining regulatory status through acquisition. The digital asset investment manager Arxnovum is a registered exempt market dealer with securities regulators. Acquiring it will allow Ledn to become the first digital asset lender in Canada with that regulatory status to offer yield fund products, the company said in a release. Crypto lenders like Ledn have been particularly hard hit by the digital-asset bear market, sparking a number of mergers. Crypto-trading platforms registered with securities regulators have proven attractive acquisition targets in recent months as well.
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