VANCOUVER, BC, Sept. 20, 2021 /CNW/ - Cascadia Blockchain Group Corp. ("Cascadia" or the "Company") (CSE: CK) is pleased to announce that Eurasia Blockchain Fintech Group Limited ("EBFG"), a subsidiary of the Company, has entered into a share subscription agreement in the amount of US$600,000 with an investment company focusing on high-growth companies in blockchain industry (the "Investor"). $300,000 of the subscription price is due when EBFG commences the share registration process with Astana International Financial Centre ("AIFC") and the remaining $300,000 is due when the Company completes the share registration. The share registration is expected to be completed within 4 weeks. In connection with this share subscription, a former director of EBFG will receive finder's fee equaled to 10% of the subscription amount payable in shares of EBFG. Upon completion of the capital injection from the Investor, the Investor, Cascadia and the former director of EBFG will own 51%, 44% and 5% of EBFG, respectively.
The capital of $600,000 will provide EBFG with sufficient fund to support ongoing development and operation of Eurasia Blockchain eXchange ("EBX"), a licensed and regulated digital assets trading platforms in Kazakhstan, in the next 12 months.
"Our team is preparing for the opening ceremony for the launch of EBX. Media and officials from the government of Kazakhstan will be invited to the ceremony to celebrate and witness the success of the completion of our first milestone. We will announce the exact date once we confirm the venue and availability of guests, but the plan is to launch EBX by the end of October 2021. In the near future, we also plan to get a license to support fiat-crypto and crypto-fiat services. Investors will be able to easily carry out transactions through EBX, as its services are convenient and secure", said the CEO of EBFG, Mr. Nurbolat Akysh.
Cascadia is an early-stage fintech and blockchain technology company listed on the Canadian Securities Exchange (CSE: CK). Its subsidiary, Eurasia Blockchain Fintech Group Limited ("EBFG"), has a conditional FinTech License to operate a cryptocurrency exchange and provide custodian services under the brand of Eurasia Blockchain eXchange ("EBX").
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cascadia Blockchain Group Corp.
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