Ryvl, which rebranded from The Marketing Group earlier this year, has confirmed its plan to acquire Blockchain Nordic for €4.8m (£4.3m) in a combination of cash, shares and loan notes. The acquisition is just the latest in Ryvl's collection of blockchain-based firms; last year, it launched blockchain-focused media agency Truth.
Blockchain Nordic, which has offices in London, Copenhagen and Marbella, provides a wide range of investment solutions for dealing with digital assets, such as index investments, tailored portfolios and its own blockchain-based exchange, providing access to numerous cryptocurrencies and currency pairs.
"We are delighted to announce the acquisition of Blockchain Nordic and believe it will provide a powerful springboard for the Group to launch into 2019 with increased scale, renewed focus and positive momentum," said Ad Graham, executive chairman of Ryvl. "After the challenges that the group has faced, it was clear that we required revolution, not evolution. We have executed a fundamental pivot in strategy combined with a chunky acquisition. We believe this bold move is what the company needs to kick-start the growth and improve shareholder value."
"In order to become a blockchain powerhouse, to be part of Ryvl makes perfect sense," said Jesper Ohlenschlaeger, CEO of Blockchain Nordic. "We have seen an explosion in this industry over the last two years, but in order to continue to be the leading company in the northern part of Europe, and expand our activities into Asia and America, we need to be part of a bigger company."