OSL Group Ltd., a digital asset platform operator, has announced its acquisition of Banxa Holdings Inc. The deal valued at C$85.2 million aims at expanding global crypto payment infrastructure.
Details of OSL and Banxa Deal
OSL Group Ltd., listed in Hong Kong, announced its acquisition of Banxa Holdings Inc. through its subsidiary OSL BNXA Acquisition Inc. for approximately C$85.2 million. This deal represents an 80% premium over Banxa's average price for the last month.
Statements from Banxa Management
Zafer Qureshi, Executive Director of Banxa, expressed enthusiasm about aligning visions with OSL, stating: "We are delighted to be combining Banxa and OSL’s aligned vision of delivering the benefits of global crypto payments infrastructure... We are excited to be joining the OSL team to accelerate the growth of our platform at a global scale." The deal was unanimously approved by Banxa's board.
Impact of Acquisition on Crypto Market
The acquisition is expected to enhance cross-border crypto infrastructure and aligns with key strategies in compliance and market penetration. Recent data indicates Ethereum (ETH) is currently priced at $2,420.72, reflecting a 16.83% decrease in 24 hours, while showcasing a 34.69% increase over the past 60 days.
The acquisition of Banxa is part of OSL's broader strategy to scale operations and strengthen positions in the global digital asset market.
