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Fintech Firm Qenta to Go Public Through SPAC Merger
The startup tracks the origins and ownership of precious metals with blockchain technology.
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 2:48 p.m.
Qenta, a fintech firm that tracks precious metals using blockchain technology, will be listed on Nasdaq following a merger with special purpose acquisition company Blockchain Coinvestors Acquisition Corp., according to a filing with the U.S. Securities and Exchange Commission on Thursday.
Both companies have approved the transaction, which is expected to be completed in the first half of 2023. The combined company will have an initial market cap of about $904 million.
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Qenta also secured $180 million in capital from GEM Global Yield, a Luxembourg investment firm. GEM will provide Qenta with a share subscription facility for 48 months.
Qenta has entered the digital-asset market from precious metals. It focuses on making transactions digital, while offering provenance, custody and ownership tracking through blockchain technology.
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