OBITX, INC. ENGAGES LAW FIRM TO ESTABLISH CORPORATE-SPONSORED SPAC (SPECIAL PURPOSE ACQUISITION COMPANY), EVERYTHING BLOCKCHAIN
January 13, 2021 06:00 ET | Source: OBITX, Inc.
Fleming Island, Florida, Jan. 13, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTC MARKET: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it has engaged legal consultants in the establishment of a corporate sponsored Special Purpose Acquisition Company (SPAC), Everything Blockchain, a Cayman Island company to acquire emerging companies in blockchain technologies.
The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027. On January 7, 2021 the blockchain’s cryptocurrency market exceeded $1 trillion dollars. Cryptocurrencies are now the world’s fifth most circulated currency by value. Multiple governments have published reports on the potential implications of blockchain, and the past two years alone have seen more than half a million publications on and 3.7 million Google search results for blockchain.
Michael Hawkins, OBITX CEO stated, “even with all this news, blockchain is still an immature technology, with a market that is still trying to find its way. Companies are expending large amounts of capital, for example, IBM has more than $200 million invested in the blockchain-powered Internet of Things (IoT). Our vision and goal at OBITX is to find businesses that have garnered success in the blockchain, with similar and sound management and developments, merging them into a leading, trend setting, policy making entity recognized worldwide.”
Mr. Hawkins went on to say, “It is my goal as CEO to increase shareholder value and develop a sustainable, long lasting, and industry leading organization. SPAC’s are companies formed to raise capital in an initial public offering (“IPO”) with the purpose of using the proceeds to acquire one or more unspecified businesses or assets. Sponsoring a Special Purpose Acquisition Company is the next logical step in achieving that goal.”
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