Wecast Network to acquire 51% of NextGen Exchange Group
Wecast Network announced that it has acquired 51% of NextGen Exchange Group, the first Blockchain- and Big Data-enabled index exchange, which will reside and operate under Wecast Network's Wecast Services Group and become an essential component of Wecast's Transactional Finance Product Cloud business. WCST will pay no monetary or stock consideration for the acquisition. WCST will purchase 51% of the outstanding capital shares in NextGen Exchange Group from the seller, Redrock Capital Group Limited, a Bruno Wu controlled and owned company. In addition, Seller has entered into a separate agreement with the Delaware Board Of Trade Holdings, under which Seller will transfer 5% of the total issued and outstanding stock of NextGen to DBOT. The Delaware Board of Trade or DBOT, is an approved and licensed FINRA / SEC regulated electronic trading platform with operations in Delaware. By utilizing DBOT's existing platform, trading system and technology, NextGen will be amongst the world's first Big Data, artificial intelligence and blockchain-based platform to generate a new array of derivative indexes asset-backed securities and digital currencies. Digital currency based products and index product trading is expected to begin in the second half of 2017.