6th Nov 2015 13:03
LONDON (Alliance News) - Vela Technologies PLC on Friday said it has completed its investment in Blockchain Tech Inc, taking a 5% stake in the blockchain technology company.
Vela, an investing company, was able to take the stake in exchange for GBP175,000 after the completion of a separate deal for TSX Venture Exchange-listed Northern Aspect Resources Ltd to change its name to BTL Group Ltd and acquire Blockchain Tech Ltd.
Blockchain, which is the technology underpinning the Bitcoin digital currency, is commanding the attention of stakeholders ranging from global banks to start-ups such as Blockchain Tech, which wants to apply the technology to industries including, including money transmission, insurance, voting and smart contracts.
"Since announcing our intention to invest in BTL in August, knowledge and understanding of what Blockchain is and its applications across a wide range of activities has grown considerably. At the same time BTL has made great strides forward and we look forward to updating shareholders with further news over the coming months," Vela Executive Director Antony Laiker said in a statement.
Guy Halford-Thompson, the chief executive of BTL, said: "We are proud to be one of the first blockchain companies to be listed on the TSX Venture Exchange - it is a phenomenal achievement. Critically, we believe this move further validates our assumptions for blockchain technologies, and allows us to maximise our reach, connecting with businesses across the globe."
Shares in Vela were down 4.3% at 0.191 pence on Friday early afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Vela Technologies