First Ledger Corp. Acquires Blockchain Markets Inc. – Continues to expand presence in Blockchain and crypto community!
Needless to say, 2018 has been a very troubled period for the cryptocurrency and blockchain industry, with many losses realized in the terms of falling revenues, capital erosion, and in certain instances going out of the business. There have been some companies such as the First Ledger Corp. (“FLC”), based out of Toronto, Canada, who have been able to grow their presence despite the downward pressure on cryptocurrencies, and heightened regulatory focus.
First Ledger Corp. raised seed money in late 2017 to invest within the ecosystem and identified Bitbuy.ca, founded by Adam Goldman in 2016, as its first acquisition target. First Ledger Corp. finalized the acquisition for an undisclosed price earlier this year.
As a subsidiary, Bitbuy.ca turned out to be a huge revenue generator for FLC, as they rebranded and rolled out an improved offering in May 2018. Additional features included a clean and simple user interface, mobile friendly functionality, reduced fees, and advanced quoting features and charting capability. FLC surveyed thousands of customers before the rollout and identified major customer service problems which were addressed by introducing a revamped customer service portal and dedicated customer service team.
Seeing the success of Bitbuy.ca within a down market, the FLC management team supported two additional acquisitions; Canadian Bitcoin Indexing website CBIX.ca, and more recently Blockchain Markets Inc. Both transactions closed in Q4 of 2018.
“Despite the decline this year in prices across the board, we believe in the underlying industry, and that this is the right time for First Ledger Corp. to grow its presence through strategic partnerships and acquisitions.”
– Jordan Anderson, VP Sales First Ledger Corp.
Not withstanding the bear market for blockchain and crypto currencies, with falling market caps and global exchange volumes, FLC has achieved phenomenal overall growth in 2018 in terms of customer deposits and transaction which have increased by 500%.
Recognised as a ‘Notable Start-up of the Year’ in November 2018, First Ledger Corp. is set to reach new horizons with the acquisition of Blockchain Markets. They are going to launch a new platform Bitbuy Pro which is confirmed to go live in January or February 2019, on which users can expect additional pairs, more order types, deeper liquidity, FIX and Rest API access and a proprietary custody solution.
“The acquisition of Blockchain Markets reflects its strong and experienced technology team, coupled with its proprietary technology. Blockchain Markets will enable Bitbuy to provide an enhanced user experience with advanced features”, said Chris Ragobeer CTO First Ledger Corp.
With its major acquisition of Blockchain Markets Inc. and the roll-out of Bitbuy Pro, FLC is well positioned to reach new heights and become a force to be reckoned within the global blockchain and crypto community.