BIG Blockchain Intelligence Group announces acquisition of crypto firm Netcoins

Canadian blockchain analytics firm BIG Blockchain Intelligence Group has announced the acquisition of crypto startup Netcoins.

BIG has entered into a definitive share purchase agreement with Netcoins Holdings to acquire all of the issued and outstanding shares of the latter’s three subsidiary companies – Netcoins Inc., NTC Holdings Corp., and NTC Holdings USA Corp.

Netcoins develops software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor through brokerage services. It completed more than CAD$58 million in cryptocurrency transactions in 2018 and currently enables crypto transactions via over 171,000 retail locations globally, a self-serve crypto purchase portal, and an institutional over-the-counter (OTC) trading desk.

In late 2018, it inked an agreement with BitGo Trust Company, a leading processor of on-chain bitcoin transactions, for its crypto custody solution.

Following the acquisition, Netcoins will be “a vertically integrated crypto company, focused on compliance, regulation and trading,” BIG said.

“BIG’s sophisticated AML compliance and reporting suite will give the Netcoins’ transactional product offerings a marketplace edge while allowing our software and services to be marketed by Netcoin’s highly experienced team via their existing sales channels,” said Shone Anstey, BIG’s Executive Chairman.

According to the official release, BIG’s BitRank Verified product offering and advanced reporting technology on crypto transactions will be integrated into Netcoins’ existing OTC trading business. Further underscoring the importance of custody services for institutional participation, BIG said that it will be able to offer “custody solutions within its forensic division, for engagements with law enforcement and the banking sector.”

BIG also plans to leverage Netcoins’ sales and marketing teams to accelerate market adoption globally of BitRank, its regulatory compliance solution.

“The Netcoins acquisition is a natural fit for us,” said BIG CEO, Lance Morginn. “Our clients will have a need for OTC trading, and both Netcoins and its clients can benefit from the compliance and analytics services BIG provides. Mark’s team, with their strong relationships and understanding of the crypto market, will open up new markets to BIG. We are looking forward to integrating, and working alongside, this new team.”

BIG said that the completion of the acquisition is subject to certain closing conditions and approvals. The deal is expected to be closed by July 08, 2019.