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1.45%Fintech Firm Qenta to Go Public Through SPAC Merger
The startup tracks the origins and ownership of precious metals with blockchain technology.
Qenta, a fintech firm that tracks precious metals using blockchain technology, will be listed on Nasdaq following a merger with special purpose acquisition company Blockchain Coinvestors Acquisition Corp., according to a filing with the U.S. Securities and Exchange Commission on Thursday.
Both companies have approved the transaction, which is expected to be completed in the first half of 2023. The combined company will have an initial market cap of about $904 million.
STORY CONTINUES BELOW
Qenta also secured $180 million in capital from GEM Global Yield, a Luxembourg investment firm. GEM will provide Qenta with a share subscription facility for 48 months.
Qenta has entered the digital-asset market from precious metals. It focuses on making transactions digital, while offering provenance, custody and ownership tracking through blockchain technology.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
