Qenta to merge with SPAC Blockchain Coinvestors
FinTech platform Queen and special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition (BSCA) has entered into an agreement to merge and list the combined company on Nasdaq.
The boards of both companies have unanimously approved the transactions, the business combination is expected to be completed during the first half of 2023, and the combined company will operate as Qenta, the companies said on Thursday (Nov 10) in a press release.
“Qenta expects to use the proceeds of the transaction to accelerate growth and general corporate purposes, in addition to covering transaction-related costs,” the companies said in the release.
Qenta started with a focus on precious metals — with its digitized Responsible Gold — and aims to digitize all the world’s assets and transactions, according to the release.
The company currently offers origination, custody and ownership tracking of precious metals through its Qenta Digital Assets segment; alternative banking and payment applications through the Qenta Payments segment; and hedging products and margin financing for soft commodities and precious metals through the Qenta Capital and Risk Management segment, the release said.
“Qenta aims to replicate its patented Digital Assets solution for soft commodities, fiat currencies and carbon offsets in multi-asset wallets and continues the geographic expansion of its payments and capital and risk management services through organic growth and acquisitions in the FinTech vertical ,” companies say in the release.
This announcement comes about three months after Qenta bought digital currency company Noble Money and said the companies have begun making “a strong regional push” as the Pacific island nation of Palau considers legislation that would adopt a gold-backed digital currency – which will be managed by Noble – which an official currency alongside the US dollar.
“Combining our regulatory footprint and technology with Nobles will greatly enhance our efforts around financial inclusion and access,” Qenta CEO Brian De Jong said at the time.
For all PYMNTS crypto coverage, subscribe to the daily Crypto newsletter.
