Subsidiary CPH Crypto A/S sold to JengaX for NOK 50 million
This announcement includes inside information about the sale of subsidiary CPH Crypto A/S.
Company Announcement No. 75
SPENN Technology A/S has sold 100 per cent of the shares in CPH Crypto A/S to JengaX AS for NOK 50 million. The transaction includes competences, solutions, IT systems, technology and is registered under the EU AMLD 5 directive.
JengaX is a newly established crypto exchange company in which Morten Klein is the lead investor. JengaX will provide smooth and instant purchase and sale of various crypto currencies, and instant conversion between crypto and fiat (national currencies) – primarily in Africa.
JengaX is established by two leading Norwegian-based crypto currency and blockchain companies: Sunzis AS (owner and CEO Morten Klein) and SPENN Technology A/S (owner and CEO Jens Glaso).
“No other continent has more holders of crypto currency than Africa. We are entering an exciting and growing market,” says Morten Klein, CEO of SunZis.
JengaX will build on technology and KYC solutions (Know Your Customer) delivered by SPENN Technology’s subsidiary Blockbonds AS. A part of Blockbonds AS will be demerged into JengaX in a transaction based on a valuation of JengaX set at approximately NOK 400 million post merger. As part of the transaction, JengaX is given instant access to all current and future SPENN users. Today, this includes more than 1 million users in Tanzania, Zambia, and Rwanda.
“Instant access to 1 million users, agreements with several banks and local presence through 200 employees in three established markets – that is a great start for any new company! We had to seize the opportunity,” says Klein.
His SunZis AS is the largest shareholder in JengaX with a 29 per cent stake.
“We will be moving forward with a listing process. We expect JengaX to be listed at OTC in Oslo during the first half of 2022,” says Jens Glaso, CEO of SPENN Technology.
JengaX will enter a strategic partnership with Kraken, a cryptocurrency exchange with a USD 40 billion monthly volume. The partnership provides JengaX with a fast-track to becoming operational by building its crypto exchange to deliver custodial services upon Kraken solutions.
Jide Okoroafor has been appointed CEO of JengaX.
The transaction will formally be closed on 15 December 2021.
For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50
Fabian Qvist, Investment Director, Klein Group. Phone: +47 92 20 99 12
Jide Okoroafor, CEO of JengaX. Phone: +47 924 07 951
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk
SPENN Technology A/S
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About SPENN Technology A/S
In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.
The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.
SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.
SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN