Public shell company, NXChain Inc. has revealed its entry into a non-binding Letter of Intent to engage in a merger with LXCCoin Ltd., a privately-held UK company in the blockchain and cryptocurrency market. Under the terms of the Letter of Intent, it is expected that LXCCoin Ltd. will be merged with NXChain that LXCC’s shareholders will own approximately 90% of the post-merged fully-diluted shares of NXChain.
LXCCoin Ltd. was formed in 2013 to develop a cutting-edge crypto currency platform. LXCCoin Ltd. has since developed a range of blockchain-based enterprise solutions, mostly revolving around its “LXCCoin”, which is a bitcoin hybrid that incorporates InstantX transaction protocol coupled with a proprietary transaction support node network designed to accelerate transaction speeds to around 1.5 seconds. The coin is 100% asset based and designed to create a small yield that ensures stability and liquidity of the coin.
The LXCCoin Ltd. software platform includes:
- a digital currency exchange (www.swypto.exchange)
- a payment gateway and load balancer (www.swypto.com)
- a digital p2p lending platform
- an app-based Swyptobank hybrid banking platform.
Mr. Michael Campbell, CEO of NXChain remarked: “We firmly believe that blockchain technology has the ability to induce positive paradigm shifts in a range of industries. A stable digital currency unit with high trust and complete financial transparency will improve the usability of such tools. We believe digital currencies may be one of the most promising investment opportunities of our age and with utilization of the platforms developed by LXCCoin, we are confident we can become an important contributor to this market. We expect to join forces with many similar operations in the future, either together or side-by-side; creating the framework for a new generation of borderless money on a worldwide scale.”
Mr. Henrik Ellefsen, CEO of LXCCoin Ltd., commented: “In our view, blockchain linked to digital currencies will become the core of future money transactions…the coins themselves will have little or no intrinsic value over their real underlying asset base. We believe that speed, stability, usability and inter-changeability will be the core qualities of digital currencies; not their hyped value or scarcity, nor any mining component. We also believe that by becoming part of a public company with full reporting compliance and transparency we will enhance our opportunities to accomplish our goals and objectives of bringing financial transparency and further usability of crypto currencies to the global digital currency market.”