The fund has been at the centre of a number of controversies recently
.jpg)
Blockchain-focussed venture capital fund NextBlock Global decided to put its plans to go public on ice after a slew of controversies.
In a statement, the firm said it is taking the right course of action for all its stakeholders.
"We strive to always act in the best interest of our investors and we are in the process of reaching out to each of them to discuss next steps, including the return of their original investment, timing, and participation in any profits," it said.
Also Read: What happens to cryptocurrency when you die?
The firm has gotten flak after Forbes revealed its investor presentation contained false information. According to a report from CBC, Forbes pointed out that four high-profile people in the blockchain space were falsely listed as NextBlock Global advisors.
In a separate report from BNN, it was revealed that two financial heavyweights, CIBC and Canaccord, have withdrawn their offering of investment in the firm.
BNN reported that these two were underwriters on the deal being established to launch NextBlock Global publicly. The firm planned to do so through a reverse takeover of Nobelium Tech Corp, a companylisted on the TSX Venture Exchange. NextBlock Global aimed to amass roughly $100 million in the process.
"As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed," it said in a statement.
NextBlock Global furthered, "Going forward, we remain as confident and excited as ever about the promise of blockchain technology."
Related stories:
Blockchain promises benefits for asset managers
Canadian fintech wants a slice of the Bitcoin market
In a statement, the firm said it is taking the right course of action for all its stakeholders.
"We strive to always act in the best interest of our investors and we are in the process of reaching out to each of them to discuss next steps, including the return of their original investment, timing, and participation in any profits," it said.
Also Read: What happens to cryptocurrency when you die?
The firm has gotten flak after Forbes revealed its investor presentation contained false information. According to a report from CBC, Forbes pointed out that four high-profile people in the blockchain space were falsely listed as NextBlock Global advisors.
In a separate report from BNN, it was revealed that two financial heavyweights, CIBC and Canaccord, have withdrawn their offering of investment in the firm.
BNN reported that these two were underwriters on the deal being established to launch NextBlock Global publicly. The firm planned to do so through a reverse takeover of Nobelium Tech Corp, a companylisted on the TSX Venture Exchange. NextBlock Global aimed to amass roughly $100 million in the process.
"As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed," it said in a statement.
NextBlock Global furthered, "Going forward, we remain as confident and excited as ever about the promise of blockchain technology."
Related stories:
Blockchain promises benefits for asset managers
Canadian fintech wants a slice of the Bitcoin market
