BitMEX, a crypto exchange, and Madison Holdings, a French wine retailer, have announced their intent to acquire a majority stake of BitOcean, a Japanese crypto exchange yet to go live with its trading services.
Reportedly, Madison Holdings Group will acquire a 62.7% stake of BitOcean for $15.12 million (1.68 billion Yen) in addition to an extra fees of $15 million. The deal will be made via Madison Labs, a subsidiary of Madison Group.
The BitOcean deal is aligned with HDR Global Trading’s, the parent company of BitMEX, plans to acquire Madison Labs. As per sources, a subsidiary HDR Global Trading is planning to acquire a 51% stake of Madison Labs in a deal worth $17.14 million.
Consequently, BitMEX will become a partner and indirect shareholder in Madison’s crypto trading entry. Madison’s alignment with BitOcean and HDR will help it utilize BitMEX’s technology and expertise to build a crypto trading infrastructure.