The Marketing Group, which earlier this year rebranded to RYVL, has confirmed its intent to acquire Blockchain Nordic for €4.8m in a combination of cash, shares and loan notes.
It adds to RYVL's portfolio of blockchain based companies. Last year, it launched a media agency called Truth, built on blockchain technology, that was run by Mary Keane-Dawson and Adam Hopkinson. However, both have since left the business.
Adam Graham, executive chairman at RYVL commented: “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.”
Jesper Ohlenschlaeger, chief executive officer at Blockchain Nordic, added: “In order to become a blockchain Powerhouse, to be part of RYVL makes perfect sense. 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.”
Blockchain Nordic specialises in index investments, tailored portfolios and operates its own cryptocurrency exchange.
The Marketing Group rebranded as RYVL over the summer.