The acquisition is expected to allow SOS to strengthen its ecosystem of blockchain and cryptocurrencies
SOS to acquire FXK Tech. (Credit: Pete Linforth from Pixabay.)
China-based technology and solutions provider SOS has signed a non-binding letter of intent (LOI) to acquire FXK Tech (FXK), Canada-based blockchain technology company.
Under the terms of the LOI, SOS would acquire 100% of the outstanding shares of FXK for a combination of Class A ordinary shares and cash.
FXK is licensed crypto technology provider, engaged in design, construction, operations and support of exchange platforms of cryptocurrencies and cloud crypto algorithmic power, and blockchain-based solutions.
With the acquisition of FXK, SOS is expected to strengthen its ecosystem of blockchain and cryptocurrencies, along with expansion of its operations in North America.
SOS Information Technology vice president Huazhong Yan said that “with its leading-edge technologies in cryptocurrency exchanges, and crypto algorithmic power exchanges, acquisition of FXK will further expand our ecosystem of cryptocurrencies and cloud crypto mining and security and insurance.”
SOS is a blockchain and big data powered marketing and service provider, with nearly 20 million membership-base in China.
The company has recently outlined its strategy in blockchain and cryptocurrencies, with several initiatives to expand its business into cryptocurrency mining, security and insurance.
SOS said that the core infrastructure of its rescue, insurance marketing and service supply chain is based on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network.
The transaction is expected to be closed subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share exchange agreement, and satisfaction of certain other customary closing conditions.
SOS chairman Yandai Wang said: “FXK is a leader in cryptocurrency and crypto algorithmic power exchange technologies. If the acquisition is completed, our operations will be expanded to North America as well as expedite the executions of our strategy in cryptocurrencies and cloud crypto mining and security and insurance.”