ETX Capital Brokered Online Blockchain’s $400K Fundraising

The proceeds will be used in the incubation of blockchain startups.

London-listed Online Blockchain plc (LSE: OBC) announced last week that it has raised $0.4 million through retail forex and CFDs provider, ETX Capital via a new ordinary share placement.

The exchange filing detailed that Online Blockchain issued 1,818,181 new ordinary shares at a placing price of 22 pence per share.

Online Blockchain is a UK-based blockchain research and development company that is incubating several decentralized startups like Buenos, which is creating a crypto ecosystem in Argentina; PlusOne Coin, a project incentivizing online forum activities; and Happy Pool, a crypto mining tool.

The company will utilize the proceeds to fund the ongoing developments and in launching upcoming blockchain platforms. Additionally, it is showing an active interest in the decentralized finance (DeFi) ecosystem.

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Commenting on the fundraising, Online Blockchain CEO, Clem Chambers said: “We are very pleased to have received support at a time when there is renewed interest in Blockchain. Freefaucet.io continues to make progress, and now has 110,858 registered users and continues to grow with a current average of just over 1,000 new registrations per week.”

“We are at early stages of developing a crypto protocol and, as well as our other projects, the company continues to focus on developing new projects in the decentralized finance (DeFi) area, which the Directors believe is the next phase of development of Blockchain. We look forward to updating Shareholders on our developments in due course.”

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Meanwhile, ETX Capital is slowly raising its activity in investment banking roles. The trading platform operator helped Mosman Oil and Gas Limited to raise £900,000 in October.

Owned by Guru Capital, the trading platform operator has strengthened its management with several key hires.

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