Digital Currencies

J.C. Flowers & Co to acquire 30% stake in LMAX Group to accelerate its future growth in FX and crypto currency markets

LMAX Group (or “the Company”), the leading independent operator of institutional execution venues for FX and crypto currency trading, today announced that it has signed a definitive agreement to sell a 30% stake in the company to J.C. Flowers & Co. LLC (J.C. Flowers), a leading private investment firm dedicated to investing globally in the financial services industry, for a cash consideration of $300 million valuing LMAX Group at $1 billion. This is a secondary share sale by LMAX Group employees. The transaction remains subject to regulatory approval.

LMAX Group and J.C. Flowers will partner to accelerate the Company’s next phase of growth and innovation, and together see potential for greater penetration in the FX and crypto currency markets globally, particularly in the U.S. and Asia. Following the transaction, David Mercer, CEO, will continue to lead the Company having retained a substantial stake alongside his management team and J.C. Flowers.

Headquartered in London, LMAX Group operates five exchanges globally, matching engine infrastructure in London, New York and Tokyo with clients in over 100 countries. Over the last decade the Group has built a leading institutional FX exchange and in 2018 launched LMAX Digital which has become the leading institutional spot crypto currency exchange, serving over 500 institutional clients and is the second largest bitcoin exchange globally.

Commenting on the transaction, David Mercer, CEO, LMAX Group, said: “This is a significant milestone in the evolution of LMAX Group that vindicates our industry-leading business model and the role we have to play in the foreign exchange and crypto currency markets of the future. Not only have we identified a like-minded partner in J.C. Flowers who understands global capital markets and brings valuable connectivity to strengthen LMAX Group’s presence in North America and Asia, but one that shares our vision of building the Company into the pre-eminent global FX and crypto currency exchange. I’m excited about the many opportunities that lie ahead for LMAX Group and my fantastic group of colleagues.”

Chris Flowers, Managing Director and CEO, J.C. Flowers & Co., said: “LMAX Group is an exciting and well-respected company with a leading position in a market with great potential, making it a highly compelling opportunity for our Firm. The LMAX Group exchange infrastructure offers efficiency and transparency, both of which are in high demand by the growing numbers of institutional participants in foreign exchange and crypto currency trading.  David and his management team have driven considerable international growth in recent years, and we look forward to supporting them as they continue to expand their support of the world’s top institutional market actors.”

Morgan Stanley & Co. International PLC is serving as financial advisor and Squire Patton Boggs (UK) LLP is acting as legal counsel to LMAX Group. Jefferies LLC is serving as financial advisor and Sullivan & Cromwell LLP is acting as legal counsel to J.C. Flowers & Co.

About LMAX Group 
The LMAX Group is a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and crypto currency trading.

The Group operates three established businesses – LMAX Exchange (institutional FX exchange and FCA regulated MTF), LMAX Global (FCA and CySec regulated brokers) and LMAX Digital (GFSC regulated institutional spot crypto currency exchange). 

As a leading player in global FX and crypto currency markets, LMAX Group is shaping the future of capital markets.  LMAX Group is unique in offering market access and delivering efficient, transparent market structure and precise execution to all client segments.

Servicing funds, banks, asset managers and retail brokerages in over 100 countries, LMAX Group has developed a strong global presence in the UK, Eurozone, US and Asia Pacific. The Group builds and runs its own high performance, ultra-low latency global exchange infrastructure, which includes matching engines in London, New York and Tokyo. LMAX Group www.lmax.com

About J.C. Flowers & Co. 
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry.  Founded in 1998, the firm has invested more than $16 billion of capital, including co-investment, in 58 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, market infrastructure and exchanges, specialty finance, and services and asset management.  With approximately $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, please visit www.jcfco.com.

Media Contacts:

J.C. Flowers:  Jennifer Hurson at jhurson@lambert.com

LMAX Group press office: press@LMAX.com or LMAXGroup@fticonsulting.com

SOURCE J.C. Flowers and Co.

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Tokens.com Shares Positive Outlook on Ethereum Merge

Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a publicly-traded company that invests in Web3 assets and builds businesses linked to crypto staking, the metaverse and play-to-earn gaming, shares its positive outlook on the upcoming Ethereum Merge and the impact to its staking business segment.

Ethereum, the most widely used blockchain for NFTs and Web3 metaverses, will be making a significant processing upgrade on or about September 15th. The upgrade, called the ‘Merge’, marks the transition from a proof-of-work mechanism, performed by crypto miners, to a proof-of-stake mechanism, performed by crypto stakers.

The upgrade will require 99.9% less energy consumption to validate transactions than the previous mining process. As a result, the Ethereum blockchain will no longer require miners, who will be fully replaced by stakers, like Tokens.com. The upgrade will also allow Ethereum to achieve greater scale, with faster transaction speeds and lower transaction fees. Ethereum’s native token, ETH, is the second largest cryptocurrency after Bitcoin with a market capitalization of approximately $200 billion.

Tokens.com has been staking ETH at scale since early 2021 and owns over 3,100 ETH. Tokens.com anticipates no impact to its operations through the completion of the Merge other than increased revenues. Subsequent to the Merge, it is expected that the compensation for staking ETH will increase from current levels.

“We have been early adopters of the shift to staking and are one of the first public companies to own and stake ETH at scale,” said Andrew Kiguel, CEO of Tokens.com. “Long-term mass adoption of Web3 and crypto requires a move to environmentally friendly processes. As a result, we have continued staking Ethereum, Solana, Polkadot and other layer one blockchains used in the creation of NFTs, metaverses and play-to-earn video games.”

Tokens.com is committed to only investing in tokens compatible with a staking platform due to its increased energy efficiency and environmental friendliness. In addition to its ETH token ownership, Tokens.com owns Polkadot and Solana used for its staking business, amongst other tokens.

About Tokens.com

Tokens.com Corp is a publicly traded company that invests in Web3 assets and builds Web3 businesses. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) play-to-earn crypto gaming. Tokens.com owns digital assets and operating businesses within each of these three segments.

Staking operations occur within Tokens.com. Metaverse operations occur within a subsidiary called Metaverse Group. Crypto gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within Web3. Through sharing resources and infrastructure across these business segments, Tokens.com is able to efficiently incubate these businesses from inception to revenue generation.

Visit Tokens.com to learn more.

Keep up-to-date on Tokens.com developments and join our online communities on Twitter, LinkedIn, and YouTube.

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Contacts

Tokens.com Corp.
Andrew Kiguel, CEO
Telephone: +1-647-578-7490
Email: contact@tokens.com

Jennifer Karkula, Head of Communications
Email: contact@tokens.com

Media: Ali Clarke – Talk Shop Media
Email: ali@talkshopmedia.com

iMining Arranges Private Placement

iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining”) announces that it has arranged a non-brokered private placement of up to $1,000,000 (the “Financing”) through the issuance of up to 11,764,705 units (the “Units”) at a price of $0.085 per Unit. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one common share of iMining at a price of $0.21 per share for a period of 2 years, provided that in the event the closing price of the Company’s Shares is equal to or greater than $0.40 per share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.

Interested parties may contact the Company at investor@imining.com.

The proceeds of the private placement will be budgeted as follows:

Execution of mining infrastructure powered by Natural Gas$750,000
Marketing and other related activities$100,000  
Financing costs, filing and legal fees, commissions and G&A$150,000 
Total$1,000,000 

There is no material fact or material change about the Company that has not been generally disclosed.

Finders’ fees may be payable on this financing.

All securities issued pursuant to the Private Placement are subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory, including the approval of the TSX Venture Exchange

About iMining Technologies Inc.

iMining is a publicly listed Web3.0 technology company developing technology for Crypto Mining, Decentralized Finance (“DeFi”) and Non-Fungible Tokens (“NFT”). iMining also owns BitBit Financial Inc., an ATM Network and crypto OTC Trading Platform for individual and institutions.

iMining investments are directly linked to the Bitcoin Mining, Crypto Trading, Decentralized Finance (“DeFI”) and Metaverse Non-Fungible Tokens (“NFTs”). With diverse blockchain investment and infrastructure solutions, iMining looks to be a leader in accelerating the growth of Web3.0 for the enterprise market. The Company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.

ON BEHALF OF THE BOARD

Signed “Khurram Shroff“
Khurram Shroff, President & CEO

FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: investor@imining.com
Telephone: +1 (844) IMININC (464-6462)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.