Stater Blockchain Limited, the recently renamed operating name of Stater Holdings, has moved to shore up its solutions offering with a letter of intent to acquire Hashcove Limited. Hashcove Limited is a UK-based blockchain-focused tech company co-founded by Kunal Nandwani – the move would help strengthen Stater’s focus on Smart Contracts and KYC, as well as blockchain technology.
Stater Blockchain is a fintech company and owner of Stater Global Markets, an FCA-regulated prime of prime (PoP) brokerage. The group’s potential splash in 2018 would constitute a growing effort to pursue new technologies. The acquisition of Hashcove would also broaden Stater Blockchain’s existing development to develop its own Smart Settlement and Smart KYC products.
Tim Connell, owner of Stater Blockchain, commented: “Our strategy has always been to focus on best of breed technologies and companies with significant growth potential such as Stater Global Markets. Our statement of intent to acquire Hashcove marks an exciting potential development and opens up huge opportunities for the business.”
Hashcove Limited works extensively with both Smart Contracts and KYC – the group also boasts a customised solutions suite that includes the Cove Identity App for blockchain-based document verification. The company’s work deals primarily with crypto exchanges and digital wallets, two areas of emphasis that are in huge demand industry-wide in 2018.
Of note, the group has an existing team of blockchain specialists, an obvious draw for Stater Blockchain. This includes a personnel team of twenty individuals. “This would be an excellent synergistic partnership on many levels. Kunal and his team have built advanced technology that fits with Stater Blockchain’s existing development roll out of our Smart Settlement and Smart KYC products,” explained Stater Blockchain’s CEO, Ramy Soliman.
Furthermore: “Hashcove could help Stater Blockchain to deliver an institutional calibre product to our existing global client base. Stater Global Markets services a number of institutional broker clients and delivering a quality document verification platform to them adds significant value to the whole brokerage community that Stater services. Additionally, Hashcove’s expertise in settlements from their experience in India can be leveraged at Stater to service a fast-growing financial trading community,” he added.
A potential acquisition of Hashcove by Slater Blockchain is currently in advanced talks. “We look forward to working with Stater Blockchain and have been very impressed with their plans and their unique proposition combining institutional blockchain technology with a ready-made distribution channel for the products that we have and are developing,” explained Hashcove CEO, Kunal Nandwani.
“Working with Ramy and his team, we would also be able to refine our products to meet the massive financial services demand for Settlement and KYC blockchain-derived products that Stater has identified,” reiterated Nandwani.