BIGG Digital Assets, a Singapore-based cryptocurrency company, has signed an agreement to acquire all preferred shares of metaverse firm TerraZero for a total value of approximately 62 million BIGG common shares (around $20 million).
Subject to approval from TerraZero shareholders and other processes, the transaction is expected to be completed by September 2023. With existing BIGG and TerraZero shareholders holding approximately 80% and 20% of BIGG shares, respectively, TerraZero, upon completion of the transaction, will become a wholly-owned subsidiary of BIGG Digital Assets.
TerraZero’s revenue in the first and second quarters of this year reached approximately $1.5 million, a year-on-year increase of 161%, and it launched activation services for clients such as PwC, Fidelity International, and Warner Music. Focusing on the development of the Intraverse technology ecosystem, TerraZero plans to expand its business in the second half of 2023. The intraverse technology ecosystem is expected to launch in the first quarter of 2024.
Source: CIO News