This investment company is a step closer to a $3.5 million blockchain placement

First Growth Funds is a step closer to a blockchain-related investment with the green light from a leader in the field, Blockchain Global.

In early January the pair announced a conditional placement led by Blockchain Global to raise $3.45 million for First Growth’s (ASX:FGF) expansion into the hot sector.

Blockchain technology, which provides an encrypted, public ledger of transactions, is best known as the basis of cryptocurrencies such as bitcoin. But it has many other potential applications such as enforcing digital contracts, securing public records or regulating online voting.

First Growth and Blockchain Global forged a partnership to identify blockchain-related investment opportunities. On Monday, First Growth announced the successful completion of due diligence, allowing the placement to go ahead.

FGF will issue 282 million shares at 1.22c — 40 per cent of which will be issued to Blockchain Global — with an additional 282 million options exercisable at 3c within 2 years.

Blockchain Global will provide assistance with the establishment and operation of a Blockchain Centre in South Australia by providing an initial licence and one staff member as well as access to a pipeline of deals from its network.

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Source: This investment company is a step closer to a $3.5 million blockchain placement | Business Insider