According to the announcement, BUX did not disclose the amount of acquisition. Blockport will be rebranded to BUX Crypto and will be fully integrated under the BUX brand and the Blockport Token will also be rebranded to the BUX Token. The acquired platform is undertesting and will start operation in Q1 of 2020. Initially, BUX users will be able to trade cryptocurrencies, including bitcoin (BTC), ether (ETH) and XRP.
7 seven member from Blockport team, including 3 founding members, will join BUX Crypto and take ownership of the cryptocurrency offering. The services of the new exchange will be available to users across all 9 European countries where BUX is currently active. Also, it will be located at BUX headquarters in Amsterdam.
According to the announcement, BUX Crypto will also register itself with the central bank of the Netherlands as a cryptocurrency services provider.
The company said that this acquisition will further expand BUX’s service offerings and will continue to drive the company’s mission to become the single destination for young investors in Europe.
Nick Bortot, CEO and founder of BUX, commented:
“BUX users have long expressed interest in investing in cryptocurrency and we have been presented with an opportunity to bring on a committed and enthusiastic team that aligns clearly with our mission at BUX. This mission is to help young Europeans do more with their money. With BUX Zero and BUX X firmly positioned in Europe as the place to invest and trade, taking on a fully established cryptocurrency partner that can deliver the experience that our BUX users have come to expect was a natural fit for us.”
Dutch cryptocurrency exchange Blockport, founded in 2017, declared bankruptcy in June of 2019 after failing to raise €5 million, approximately, $5.62 million in a security token offering. The company raised $15 million in an ICO In January 2018 but the new security token offering (STO) raise, by comparison, didn’t even manage to reach a minimum threshold of €1 million, USD 1.13 million.
Sebastiaan Lichter, founder and chief product of Blockport, commented:
“We want our community to know that this partnership will lead to bigger and more exciting features in the future and that they can look forward to an enhanced version of the platform that they have already come to love.”