Valereum To End Bitcoin Mining To Focus On Gibraltar Exchange.

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Blockchain company Valereum (6TJ.SG) said it was selling its bitcoin mining assets to Vinanz Ltd; for a 24% stake in the company as part of plans to acquire and expand the Gibraltar Stock Exchange.

Valereum, which gave no value for the deal, said the sale of its bitcoin assets was conditional on Vinanz being listed on a stock exchange.

Valereum shares were down 13% at 1030 GMT.

The price of bitcoin , the biggest cryptoasset token, has crashed in recent months by some 70%; since its November record of $69,000. It currently trades at $23,509.

Valereum said in January it would buy 90% of the Gibraltar Stock Exchange to create what it called the world’s first bourse to “bridge” stocks and cryptoassets.

Reuters.

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