Block Inc. to Become First Crypto-Related ASX Listing

Block Inc. to become first crypto-related ASX listing. The announcement that Block Inc.’s proposed $29 billion acquisition of Australia’s Afterpay (APT). Had won shareholder approval came as a surprise late last year. Founded in 2009, Block Inc. (formerly known as Square Inc.) is a mobile payment. And merchant services platform that was previously known as Square.

Customers can pay for goods and services in installments by using Afterpay. Which is a company that allows customers to buy now and pay later. The company, which has more than 16 million members. Was founded in 2014 and has experienced fast growth.

Afterpay is offered in Australia and New Zealand, as well as in North America. And the United Kingdom, according to the company website. On May 4, 2016, the Australian Securities Exchange (ASX). Announced a $1.00 offer price for the company’s initial public offering (IPO). Which took place on the same day. The Afterpay transaction fee was A$69.03 as of Friday, January 14th, according to the Afterpay exchange rate.

Block Inc. was founded by Jack Dorsey. Who was also a co-founder of the social media company Twitter Inc. His decision to leave Twitter motivated. By the desire to focus on his new firm, Block. Which created immediately. After his resignation as CEO of the social media network in question.

According to a report published by the Financial Times, Afterpay Ltd. purchased for $29 billion earlier this week (Reuters).

This would be Block’s largest transaction to date. As well as the greatest sum ever paid for an Australian company. In the company’s history, according to reports from Reuters. The ASX is currently mulling over other megadeals that will be even larger. Including a BHP-Woodside megadeal valued at $31 billion that will announced soon.

An ASX listing is planned on January 20th

The new company will go public on the Australian Stock Exchange (ASX) on January 20th. Following its merger with another. Moreover, the acquisition is likely to boost Afterpay’s expansion into new markets. Particularly in the United States. Where it will compete with platforms such as PayPal and Apple.

Australian stock exchange (ASX) is reportedly putting together. A framework to allow other blockchain-backed companies. To go public this year, according to news that came through the wires on Monday morning.

The ASX CHESS (Clearing House Electronic Subregister System) replacement project. Which will install a blockchain-based clearing and settlement system. Is another example of how the exchange is embracing blockchain technology as well. The transition from CHESS to blockchain expected to occur in the first quarter of 2023.

Crypto-Linked Companies Go Mainstream and Block Inc.

In the first few days of the year, the cryptocurrency markets have seen a frenzy of activity. While there has a significant increase in the amount of time spent. Debating regulatory concerns. There has also a significant increase in the amount of work completed. The corporate headquarters of the cryptocurrency firm.

Companies that listed on exchanges are not restricted to those. That involved in the bitcoin industry, though. Which is receiving a great deal of attention. Reports of bitcoin trades began to spread online as recently. As this morning, according to several sources. Provision of supplies anticipated in order to maintain competitiveness. Robinhood is an example of a platform that has been around for a long time.

A total of two cryptocurrency trading platforms are available in the United States: FTX and Bitstamp. As reported, they plan to expand their services to include stock trading.

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