Riot Blockchain Enters LOI to Acquire Logical Brokerage Corp
Riot Blockchain, (NASDAQ:RIOT)
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Today : Wednesday 7 February 2018
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CASTLE ROCK, Colo., Feb. 7, 2018 /PRNewswire/ -- Riot Blockchain, Inc. (Nasdaq: RIOT) (the "Company") today announced that it has entered into a letter of intent to have a newly formed subsidiary acquire Logical Brokerage Corp ("Logical Brokerage"). Logical Brokerage is a futures introducing broker headquartered in Miami, FL registered with the Commodity Futures Trading Commission ("CFTC") and a member of the National Futures Association ("NFA").
Riot Blockchain intends to pursue launching a digital currency exchange and a futures brokerage operation within the United States. Neither the CFTC nor the NFA regulate spot-market digital currency exchanges or activity, although the CFTC's jurisdiction is implicated when there is fraud or manipulation involving a virtual currency traded in interstate commerce.
"We have identified a substantial market need for additional options to serve a growing customer desire to transact in digital currencies within the U.S.," commented John O'Rourke, Chairman and CEO of Riot Blockchain. "Logical Brokerage helps provide a platform from which to service this market."
The blockchain is a decentralized and encrypted ledger that offers a secure, efficient, verifiable and permanent way of storing records and other information without the need for intermediaries. These protocols are the backbone of numerous cryptocurrencies, including Bitcoin, Ether and Litecoin. Blockchain protocols have a wide range of use, including processing transactions, accounting, verification and proof of ownership across a far-reaching spectrum of applications.
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