Crypto-Oriented SPAC Heads to NASDAQ, Looking For $230 Million

SPAC Crypto

A special purpose acquisition company  — SPAC — that is expected to raise nearly a quarter of a billion dollars for crypto projects is headed to NASDAQ, according to paperwork filed with the exchange.

The SPAC, Crypto 1 Acquisition Corp. was incorporated in the Caymans and will be trading under the symbol “DAOOU.” Shares are expected to list at $10 for a total gross amount of $230 million.

According to that information the company  intends to: “focus on the acquisition of a significant digital assets and cryptocurrency exchange, payment system and/or related financial services company, including wallets, lending and decentralized finance (“DeFi”). A significant number of cryptocurrency exchanges are located in Asia (such as Korea, Japan, Singapore and the Philippines), Europe, North America and Latin America.”

The SPAC is co-founded by Dr. Najamul Kidwai, and Michael (Xu) Zhao, according to the paperwork. Kidwai will serve as the chairman and director. Zhao, who will serve as chief executive officer and director, is described as  having “significant experience in cryptocurrency assets trading and investment, including starting a cryptocurrency exchange.”

The crypto exchange in question is International Digital Currency Markets – a trading platform incorporated in Seychelles.

Like most all SPACs, Crypto 1 will have 12 months to close a deal.

Matt Swayne

Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses.

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