London’s GlobalBlock teams up with Canadian developer
London-based GlobalBlock has announced it has agreed a business combination with Canadian listed Helix Applications (Helix).
Helix, a publicly listed company listed on Toronto’s TSX Venture exchange, has acquired the shares in GlobalBlock at a value of £32 million, subject to regulatory and stock exchange approval.
The Canadian outfit is a blockchain application and technologies developer that has been in discussions with GlobalBlock since March 2021.
Following this agreement Helix will change its name and the new entity will undertake the business of providing digital asset trading services via GlobalBlock’s digital asset trading platform, mobile app and personalised telephone broking service.
David Thomas, Director and Co-Founder of GlobalBlock, said the company believed the revolution in digital assets was still in its infancy.
“Ever since we established GlobalBlock in 2018 we have been serving individuals and businesses with a secure platform to trade cryptocurrencies via our personalised telephone service, digital asset trading platform and mobile app,” he said.
“We believe that we are still at the beginning of the evolution of the digital asset industry. With our already established brokerage business and this business combination with Helix, we are very well placed to capitalise on a rapidly growing sector.”
Significant growth
GlobalBlock has seen significant growth so far in 2021 with record trading volumes and clients trading in more than 80 digital assets.
GlobalBlock has embraced the recent additional regulatory requirements in this sector and has obtained temporary registration as a digital asset firm under the UK’s Financial Conduct Authority’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
Having been founded by highly experienced financial services professionals, GlobalBlock already undertakes stringent compliance measures when determining client identity and looking after customer assets.
GlobalBlock’s customer base includes individuals and corporations who wish to diversify into digital assets, whether that is trading, accepting payment in crypto-assets such as Bitcoin or safe custody.