SPAC Deal Said to Create Largest Publicly Traded Blockchain Company in US

Special purpose acquisition company (SPAC) 8i Enterprises Acquisition Corp. (NASDAQ: JFK) has entered into a definitive share exchange agreement with Diginex Limited. The deal claims to engender the largest publicly traded blockchain company in the US – once it closes. JFK is a BVI company that is a “blank check” firm seeking to target emerging opportunities with a specific focus on Asia. JFK is based in Singapore.

Upon closing, JFK will change its name to “Diginex Limited.” The transaction expects to have an initial enterprise value of $276 million.

At the time of the share exchange, Diginex’s shareholders will receive 20 million ordinary shares of JFK, valued at $10.00 per share, of which two million ordinary shares will be held in escrow for 12 months.

Diginex, headquartered in Hong Kong, is a blockchain financial services firm that is said to be “well positioned to be a leading player in the future of digital securities.” Diginex services look to facilitate blockchain adoption by both corporates and government entities.

Diginex currently provides three main services focused on the adoption of digital assets. These include:

  • Advisory – capital markets origination and distribution of securities via digital assets; and broader blockchain solutions for corporate and financial industry institutions, as well as governments
  • Markets – a full infrastructure for digital assets exchange trading and custody
  • Asset Management – providing an accessible on-ramp into digital assets for institutional allocators of capital.

James Tan, Chairman and Chief Executive Officer of JFK, said the share exchange with Diginex comes at a time of need for increased regulation and transparency around digital assets.

“After a thorough review of multiple opportunities in this industry, we have determined Diginex is the trusted operator of choice with the advanced technology infrastructure necessary to meet the standards of institutional investors and partners. With their thoughtful ecosystem approach, we believe Diginex is well-positioned to continue unlocking opportunities and driving institutional adoption of blockchain technologies.”

Richard Byworth, CEO of Diginex, said his company has been built to provide the financial services infrastructure required to take digital assets and blockchain technology to the next level of adoption by institutional investors and corporations globally.

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