The boards of directors of both companies have unanimously approved the transactions, the business combination is expected to be completed during the first half of 2023, and the combined company will operate as Qenta, the companies said Thursday (Nov. 10) in a press release.
“Qenta expects to use the proceeds from the transaction to accelerate growth and general corporate purposes, in addition to covering transaction-related costs,” the companies said in the release.
Qenta started with a focus on precious metals — with its digitized Responsible Gold — and aims to digitize all the world’s assets and transactions, according to the release.
The company currently offers provenance, custody and ownership tracking of precious metals through its Qenta Digital Assets segment; alternative banking and payment applications through its Qenta Payments segment; and hedging products and margin financing for soft commodities and precious metals through its Qenta Capital and Risk Management segment, the release stated.
“Qenta aims to replicate its patented Digital Assets solution for soft commodities, fiat currencies and carbon offsets in multi-asset wallets and continues the geographic expansion of its Payments and Capital and Risk Management services through organic growth and acquisition within the FinTech vertical,” the companies said in the release.
This announcement comes about three months after Qenta acquired digital currency company Noble Money and said the companies have begun making “a strong regional push” as the Pacific island nation of Palau considers legislation that would adopt a gold backed digital currency — which would be administered by Noble — as an official currency along with the U.S. dollar.
“Combining our regulatory footprint and technology with Noble’s will amplify our efforts around financial inclusion and access tremendously,” Qenta CEO Brian De Jong said at the time.
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