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360 Blockchain completes website acquisition deal, which will mean revenues in current quarter

"With the closing of this deal, 360 will post revenues in the current quarter,” said George Tsafalas, 360’s chief executive
360 Blockchain completes website acquisition deal, which will mean revenues in current quarter
ICORanker.com has, among others, a list of the top cryptocurrency ICOs and active Initial Coin Offerings (ICOs)

360 Blockchain Inc (CSE:CODE, OTCMKTS:BKLLF) has completed its earlier announced acquisition of the ICORanker.com and BlockchainRanker.com websites.

It bought the assets along with a suite of professional services and marketing data in a deal valued at US$1.75mln in cash and stock.

"With the closing of this deal, 360 will post revenues in the current quarter,” said George Tsafalas, 360’s chief executive.

READ: 360 Blockchain's Pressland platform names marketing partner for upcoming token sale

"By adding these cash-flowing properties to the 360-family, we are diversifying our holdings and adding a high-growth business to our growing portfolio of blockchain assets."

ICORanker.com has, among others, a list of the top cryptocurrency ICOs and active Initial Coin Offerings (ICOs).

Meanwhile, BlockchainRanker.com is a pre-revenue website that vets and rates blockchain platforms, services and software providers.

"Acquiring ICORanker is our entry to the lucrative world of token analysis, ratings and recommendations," said 360's strategic advisor Jeff Koyen.

"The token sale ecosystem has a bright future, and we’re excited to take ICORanker to the next level of profitability."

READ: 360 Blockchain shares higher as it unveils augmented reality tie-up with Membit Inc

According to a report by PricewaterhouseCoopers', token sales raised US$13.7bn in the first five months of 2018, more than doubling the total funds raised during 2017.

ICOs are past the "hype cycle," PwC said, and "are becoming more mature and established".

360 Blockchain Inc will pay US$1.5mln in cash to fully acquire ICORanker.com and BlockchainRanker.com, as well as a comprehensive marketing program, consultancy and marketing databases from Technology Development Partners, a high-tech M&A advisory firm.

ICORanker’s current owners will also receive US$250,000 worth of restricted shares in 360’s stock, based on the five-day trading average at closing.

Shares added 7.69% to C$0.07 in Toronto.

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