Global Blockchain Mining Corp (CSE:FORK) announced Tuesday it has been engaged by Spend Group to conduct a C$50 million private-equity sale in the form of a security token offering for the Spend equity token.
The Spend product is built around a multi-currency digital wallet with support for 27 fiat currencies and more than 16 cryptocurrencies, according to a Global Blockchain statement.
Balances of cryptocurrencies can be converted to fiat currencies in real-time, enabling them to be spent at retailers through Spend's three Visa-branded payment cards using its proprietary conversion technology, currently available in the US and Canada. The cards are secured by EMV chip technology and compatible with Apple Pay and Google Pay, the company said.
Pending the necessary approvals, Vancouver, British Columbia-based Global Blockchain said it's planning a public offering of Spend's equity token as a security token on the Hyperion Exchange -- making Spend Group's equity token one of the first publicly-traded security tokens in the world.
“We are confident that FORK can put Spend in front of the right investors, which will bring us the capital we are seeking to fund our growth,” said Bryan Woods, president of Spend Group.
Addressing cryptocurrency usability at retail level
Spend, based in Toronto, addresses the issue of cryptocurrency usability at the retail level, the greatest struggle that the crypto ecosystem has faced since its post-boom decline in 2018.
Several major Internet brands and merchants had accepted cryptocurrencies such as Bitcoin for payment. However, as regulatory and value-stability concerns mounted, this acceptance was discontinued by several retailers.
Spend overcomes this challenge by having no requirements for retailers to make accommodations for the use of cryptocurrencies beyond regular acceptance of Visa cards, Global Blockchain noted.
“Spend provides an answer to what everyone has been wondering about from the beginning of crypto's popularity; how can it be spent?,” said Global Blockchain CEO Shidan Gouran. “While most assets and applications in crypto are built to work around the traditional financial services infrastructure, Spend has found a way to align crypto assets with this infrastructure by leveraging the Visa payment network.”
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