Valereum will stop bitcoin mining and instead focus on Gibraltar’s exchange

Blockchain company Valereum announced on Thursday that it would sell its bitcoin mining assets and take a 24% stake to Vinanz Ltd as part of its plans to expand the Gibraltar Stock Exchange.

Valereum did not offer any value for the deal. It stated that Vinanz’s listing on a stock exchange was a condition of Vinanz’s sale of bitcoin assets.

Bitcoin, the largest cryptoasset token, has seen its price plummet by 70% in the past few months, compared to its November record of $69,000. It is currently trading at $23,509.

Valereum stated in a statement that “This is a strategic restructuring to focus Valereum upon the acquisition and expansion of Gibraltar Stock Exchange as well as the imminent launch of our NFT (non-fungible symbol) program.”

However, this gives Valereum significant exposure in crypto markets through a substantial stake in a company that is solely focused on crypto mining and distribution.

Valereum announced in January that it would purchase 90% of Gibraltar Stock Exchange’s stock to create what it called “the world’s first bourse” to “bridge” stocks or cryptoassets. read more

Valereum would not have any representatives on the Vinanz board.

Chairman David Lenigas stated “The acquisition of Valereum’s BTC miners means that Vinanz will start life as an operating company with miners and BTC in its wallet,” 

Lenigas stated that the volatile Bitcoin price took a hit recently, but Vinanz considers it a great time for a significant BTC business to grow.

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