Blockchain venture Ethereum Capital Inc. looks to raise $50 million

Blockchain venture Ethereum Capital Inc. looks to raise $50 million

TORONTO — Ethereum Capital Inc., which has the backing of pension heavyweight OMERS, is looking to build momentum for its blockchain-based enterprises as it seeks to raise $50 million.

The company wants to raise the cash as it looks to list on the TSX Venture Exchange through a reverse takeover of Movit Media Corp.

Ethereum Capital says it wants to become the central business and investment hub for the Ethereum ecosystem, which underpins a wide variety of blockchain-based start-ups.

The company says it plans to both acquire ether, a type of crypto-asset that helps run the Ethereum platform, and controlling stakes in Ethereum-based businesses.

The Ethereum network allows the creation of decentralized, complex and customizable binding contracts, while ether is the currency used to pay for the computing resources to run programs on the network.

Ethereum Capital’s board of directors includes leadership from OMERS, Purpose Investments, Citizen Hex and L4 Ventures.

 

 

Companies in this story: (TSXV:MV.H)

The Canadian Press

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