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A Toronto-based technology company – Ethereum Capital Inc has announced the reverse takeover of Movit Media Corp. through a three-cornered amalgamation while subsequently changing its name to “Ether Capital Corporation”. This will make Ether Capital as the central business and investment hub making it the first publicly traded company focused completely on the Ethereum Ecosystem.
In yet another public announcement, the digital currency investment firm has now started trading on the Canadian stock exchange. Ether Capital has completed the process of delisting its shares from the TSX Ventures Exchange (TSXV) and will now be listed on the Aequitas NEO Exchange where investors can start trading starting April 19.
The company plans to invest the funds raised into buying more Ether tokens as well as in startups that are involved in developing projects in the crypto space.
Som Seif, Executive Chairman and Co-Chief Investment Officer of Ether Capital, said, “The completion of this transaction and commencement of public trading represents a critical step in Ether Capital’s mission. We are excited to provide investors with the opportunity to invest in the first publicly listed company focused solely on the Ethereum ecosystem and to help drive industry-shifting disruptive technologies.”
Boris Wertz, Lead Independent Director of Ether Capital, said, “Through Version One, I’ve had the opportunity to experience first-hand the innovation that blockchain technologies are bringing to a number of industries. The combination of resources and industry-leading expertise that Ether Capital has allows us to be at the forefront of this innovation and capitalize on opportunities in the sector.”
There has also been some change in the corporate leadership structure of Ether Capital after its transition from TSXV to the NEO exchange. The company has recently hired Ben Roberts, the founder and CEO of Citizen Hex
—an Ethereum liquidity company—as co-CIO at Ether Capital. Similarly, it has also brought Michael Conn, the founder and managing partner of Quail Creek Partners—a fintech/blockchain advisory firm— on board as their CEO.
While talking to CoinDesk
, company CIO Ben Roberts told that Ether Capital has managed to raise $45 million Canadian majority of which will be invested in buying Ether over the course of next four weeks. 90% of the funds raised will be converted into digital currency.
Roberts said: “I think it’s going to take the market some time to really understand the value proposition here. The utility of that is two-fold, yes it gives people exposure in the marketplace and more importantly creating that pool of assets gives us space in the community and the Ethereum platform. As we kind of scale that out we can have an opportunity to become something like ConsenSys, which is a largely organized stakeholder in Ethereum which can then use its platform to create value.”
Roberts also that in the coming two years, the company aims at creating its own enterprise value while supporting different projects. He said: “Ethereum is a project that began in Canada, [but] it’s really being developed in most major cities in the world and this is a way to bring it back to Toronto and really bridge the gap between the technical community and the finance community.”