GlobalBlock and Helix Complete Business Combination
- 20.07.2021 09:20 am
Helix Applications, the Canadian listed blockchain technology company (TSX Venture: HELX) (is pleased to announce that it has completed the previously announced business combination with GlobalBlock Limited. GlobalBlock is now a wholly owned operating subsidiary of the Company.
GlobalBlock is a fast-growing United Kingdom based digital asset broker that provides a personalised telephone broking service, trading platform and mobile app. GlobalBlock was established in 2018 by an experienced team of financial services professionals and acts as a trusted agent serving the cryptocurrency needs of individuals, corporates, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets.
GlobalBlock is committed to meeting the highest standards of digital asset regulation and customer protection and has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a cryptoasset business until 31st March 2022, pending the determination of GlobalBlock’s application by the Financial Conduct Authority in the United Kingdom. Plans include looking to expand beyond the United Kingdom, ensuring relevant jurisdiction licences are granted and adhering to local regulations in any new territories it looks to operate in.
Rufus Round, Chief Executive Officer of Helix said:
“As we worked to complete the transaction with GlobalBlock over the past few months, GlobalBlock has been building out its team by adding to its sales, business development and marketing functions. Plans for new products and services are already underway as the new combined business aims to become the leading provider of digital asset broking services in the UK and beyond. This is an exciting time for all current and now new shareholders in the business.”
David Thomas, GlobalBlock Head of Operations, and new Chief Operating Officer of the Company, said:
“We believe that our service led, transparent and secure digital asset platform is a standout to other digital asset trading and custody offerings. Firstly, being UK based and adhering to the highest of regulatory standards is a must in today’s digital asset environment and secondly having a team that has such a wealth of experience in building successful financial services businesses.
“We are hugely excited to complete this this business combination, which allows us to continue to focus on our growth and development within the digital asset space, making us well placed to become the number one digital asset broker within the UK market and beyond.”
Board, Management and Corporate Matters
The Company’s current interim Chief Executive Officer, Mr. Rufus Round, and its Chief Financial Officer and Corporate Secretary, Ms. Jessica van den Akker, remain in place as senior management of the Company and are joined by Mr. David Thomas, who has been appointed as Chief Operating Officer of the Company. Mr. Thomas is one of the former shareholders of GlobalBlock and his biography is set forth in the May 17, 2021 press release of the Company (the “May Press Release”).
The other three (3) former shareholders of GlobalBlock, Messrs. Karl Thompson, Patrick Bullman and Tim Bullman remain in place as local management of GlobalBlock. Biographies for each of these key managers of the combined Company are also set forth in the May Press Release.
Board of Directors
As set forth in the May Press Release, Mr. Jay Sujir has resigned as a director of the Company and has been replaced by Mr. Stuart Olley. The Company thanks Mr. Sujir for his dedication to the Company. In addition, Mr. David Thomas has been added as a director of the Company. Biographies for Mr. Olley and Mr. Thomas are also set forth in that May Press Release.
The Board of Directors of the Company is now comprised of the following members: Rufus Round, Trevor Gabriel, David Thomas and Stuart Olley. The members of the Audit Committee of the Company now consist of Rufus Round, Trevor Gabriel and Stuart Olley.
At this time, GlobalBlock only accepts United Kingdom and Ireland resident clients or customers for its digital asset broker or trading services. To be specific, measures (including comprehensive AML/KYC procedures) have been implemented to prevent residents in the provinces and territories of Canada and the United States from becoming clients or customers.
The Company aims to conduct business to the highest industry standards and within the constantly developing global, regulatory environment with regards to digital assets. GlobalBlock primarily holds client assets through the Qredo custodian platform as described below, and through GlobalBlock’s accounts on digital asset exchanges. GlobalBlock has engaged third party digital asset custody provider, Qredo Limited (the “Custodian”) to manage client assets being held internally, through an omnibus account in the name of GlobalBlock. The Custodian accepts an ever growing list of digital assets with more being added, on a frequent basis. The Custodian is not a Canadian or foreign financial institution and is awaiting SOC1&2 attribution, expected in December 2021. The Company is unaware of any related parties between itself and the Custodian. The Custodian is based in London, United Kingdom and utilizes a multi-signature, MPC (multi-party computation), decentralised storage protocol. The Custodian currently provides US$5 million equivalent of insurance per wallet.
It is intended that the Company will be renamed “GlobalBlock Digital Asset Trading Limited”, or such other name as determined by the Board of Directors of the Company, and as approved by the TSX Venture Exchange. The Company will issue additional press