HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (OTCQX: HVBTF) (FSE: HBF) has completed its previously announced share swap transaction. The transaction was with DeFi Technologies Inc. (NEO: DEFI, GR: RMJR) (OTC: RDNAF). According to the details of the transaction, HIVE received 10 million common shares of DeFi Technologies, which is an estimated 5% of the existing outstanding common shares of DeFi Technologies in exchange for 4 million common shares of the HIVE, which represents an estimated 1% of the company’s issued and outstanding common shares. In addition to the share swap transaction, the two companies have announced a partnership in conjunction with DeFi’s “decentralized finance” ecosystem with specific applications around Ethereum and Miner Extractable Value (“MEV”). The new partnership positions HIVE with a strategic stake in DeFi Technologies and a broader partnership surrounding the DeFi ecosystem. In the announcement, the company noted that in 2020, at estimated $1 trillion-plus in transactions passed through the Ethereum ecosystem, resulting in Bitcoin increasing by 300% while Ethereum surged 470% due at least in part to demand from DeFi apps such as Stablecoins to Decentralized Exchanges known as DEX’s. “HIVE is the largest public crypto mining company mining Ethereum, and we wish to invest in the DeFi sector and will consider distributing our shares as a dividend to HIVE Shareholders over the next year,” the company stated in the press release. “Blockchain analysis firm Chainalysis says DeFi is growing at ‘warp speed,’ and DeFi’s explosive growth has much further to grow. Since most DeFi applications are built on top of Ethereum, the world’s second-largest cryptocurrency platform and DeFi is a smart contract, the future looks very attractive with DeFi becoming a sustainable demand driver for Ethereum prices.”
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About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies is a growth-oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art, green-energy-powered data center facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies such as Bitcoin and Ethereum continuously on the cloud. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto coins. For more information, visit the company’s website at www.HiveBlockchain.com.
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