Longblockchain Enters into Letter-of-intent with Stater Blockchain

Long Blockchain (NASDAQCM:LBCC) has announced it has entered into a letter of intent with Stater Blockchaion, a company focused on developing and deploying globally-scalable blockchain technology solutions in the financial industry.
As quoted in the press release:

Stater’s wholly-owned subsidiary, Stater Global Markets, is a Financial Conduct Authority (FCA) regulated brokerage that facilitates market access across multiple instruments including spot FX, digital currency futures and contracts for difference (CFDs).
The letter-of-intent contemplates an all-stock transaction pursuant to which the Company would form a wholly-owned subsidiary which would merge with and into Stater with Stater surviving as a wholly-owned subsidiary of the Company. It is anticipated that the Company would remain listed on the Nasdaq Capital Markets following the closing of the transaction.
If the Company is able to reach an agreement with Stater and the transaction is consummated, it is expected to complement its recently announced agreement to acquire 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs.
Philip Thomas, Chief Executive Officer of Long Blockchain, commented, “We are excited to announce this potential milestone event for the Company. Stater has been making investments to build its cryptocurrency platform and blockchain solutions, and we look forward to combining our efforts in this transformational partnership. Our ultimate goal is to build a portfolio of investments that touch multiple points in the blockchain ecosystem and this transaction would be an important step in that direction.”
Ramy Soliman, Chief Executive Officer of Stater Blockchain, added, “This merger would truly be a transformational moment for our business. Stater Blockchain brings a number of different assets to the table and our collective business will be unique in the investor space. It gives a holistic value add for shareholders through accretive blockchain expertise and plans, as well as a regulated institutional brokerage through Stater Global Markets. This combination of fintech and brokerage is a really powerful value proposition and we look forward to working with Philip and his team to achieve a leading position in a dynamic new world.”

Click here to read the full press release.