12 Sep
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STOCKHOLM IT VENTURES AB ANNOUNCES ACQUISITION OF MEDIA AND FINTECH COMPANY ON “ETHEREUM ISLAND”


STOCKHOLM, SWEDEN (11 September 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546), a Swedish company specialising in clean and efficient low-cost energy cryptocurrency mining/production and related FinTech and blockchain technologies today announced the execution of an agreement to acquire New World Studios Ltd. The company is being acquired to act as a development, production and distribution operation for the Africa/Asia region under the Company’s subsidiary BTT Sweden AB.

New World Studios Ltd is a media and FinTech company located in the Indian Ocean on the island nation of Mauritius between Africa and Asia. In the FinTech space it focuses on the development and distribution of blockchain and cryptocurrency solutions for both Africa and Asia. Furthermore, with its media know-how and background, the company intends to broadcast blockchain and cryptocurrency news podcasts to African countries in order to promote its leading FinTech solutions and educate people in this sector.

Mr Anthony Norman, CEO of Stockholm IT Ventures AB commented“We have been looking at Mauritius for our business for some time as it is an exceptional jurisdiction for our sector and we are extremely pleased to have found such a brilliant development and distribution company with first-rate local relations in both government and finance. The company has already opened negotiations with banks and other institutions in Mauritius for our cutting edge BTT Crypto Trading Toolbox(1) developed exclusively for Crypto Fund Trading and we are excited about expanding this part of our operations in the emerging markets of Africa and Asia while developing other areas of our business together.

Mr Norman continued: “Mauritius is commonly referred to as “Ethereum Island” and it is becoming an international hub for blockchain start-ups as the local government seriously promotes blockchain and cryptocurrency enterprises. Mauritius is drawing on its long-established links with India and Africa as a financial hub and has positioned itself as a natural conduit for exponential growth in the emerging Africa and Asia trade corridor, while its wide network of treaties and a favourable tax regime make it the ideal stepping stone between the Western World and the emerging markets of Africa and Asia. Among other major influential factors, Mauritius has a strong global reputation with a World Bank Ease of Doing Business ranking as #1 in Africa and #25 globally, ahead of several EU nations. Mauritius also has an enviable reputation for its legally robust framework and its educated and English and French-speaking population. In addition, it has an internationally convenient time zone and if this weren’t enough, it is extremely financially competitive compared to other international financial centres.”

Mr Michael Mutie, Team Leader at New World Studios Ltd. commented“Our team is thrilled to join Stockholm IT Ventures to develop and distribute FinTech solutions in the blockchain/cryptocurrency space. We are convinced that in choosing a Mauritius company, Stockholm IT has made an excellent choice. India, which has seen a third of its foreign direct investment flow through Mauritius, recently revised its tax treaty with the island and as part of a new scheme to invite alternative foreign investment the government has announced that it wants to attract innovative companies such as blockchain start-ups by launching a Regulatory Sandbox License (RSL). The RSL provides companies and start-ups with the opportunity to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers, but with regulatory supervision, and we believe this is going to be an important competitive advantage for the group going forward.”

Footnote:

(1)Traders utilizing the BTT Crypto Trading Toolbox realised + 104% in gains in May/June 2018 while the blockchain index fell by 59%. The BTT Crypto Trading Toolbox provides access to in excess of 3,500 markets, more than 45 exchanges and hundreds of bots, signals and indicators. The toolbox is a narrow selection of the best tools available, evaluated on a day-to-day basis.

About BTT Sweden AB

BTT Sweden AB specialises in analysing and developing tools to automate crypto trading powered by AI. During the last six months its team of analysts, developers and traders has been testing most of the available bots, signals and indicators on the market. The aim has been to understand which are profitable and to see through unreliable and/or useless tools. The efforts resulted in a constantly evaluated and updated BTT Crypto Trading Toolbox. The ultimate goal is to enable automated trading while maximizing returns. For more information visit www.blocktradetech.com.

About Stockholm IT Ventures AB

Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit www.stockholmit.co. You can also find the Company on FacebookTwitter and LinkedIn. Details on the Company’s Bytemine (BYTM) token and White Paper can be found at www.bytemine.io.

Media Contact:

BTT Sweden AB, Fredrik Waijnstad, fredrik@blocktradetech.com


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