BIGG Digital Assets Aims to Strengthen Metaverse Presence with TerraZero Acquisition August 27, 2023 August 27, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 27, 2023 by Kelly Cromley

BIGG Digital Assets Aims to Strengthen Metaverse Presence with TerraZero Acquisition

BIGG Digital Assets Inc. (BIGG) has recently announced its strategic intention to acquire all outstanding shares of TerraZero Technologies Inc., a significant player in the Web3/Metaverse sector. The estimated value of this acquisition is approximately $20 million, and it will be carried out through the issuance of approximately 62 million common shares of BIGG.

Diversifying and Deepening Metaverse Footprint:

TerraZero Technologies Inc., a recognized name in the Web3/Metaverse landscape, boasts an impressive clientele that includes industry giants like Miller Lite, PwC, and Warner Records. This acquisition reflects BIGG’s overarching vision to not only diversify but also to fortify its presence in the rapidly evolving metaverse domain. The acquisition signifies more than just expansion; it represents a strategic alignment aimed at delivering a diversified portfolio to BIGG’s shareholders, extending their reach into the thriving metaverse industry.

Strong Financial Performance and Ambitious Roadmap:

During the initial half of 2023, TerraZero exhibited remarkable financial performance, reporting robust revenue of approximately $1.5 million. This indicates a substantial growth rate of 161% in a year-on-year comparison. Far from resting on its laurels, TerraZero has set forth an ambitious roadmap centered around the development and launch of its Intraverse technology ecosystem, which is scheduled to be introduced by Q1 2024.

Redefining Immersive E-commerce and 3D Internet:

TerraZero’s Intraverse platform holds the potential to revolutionize the realms of immersive e-commerce and the forthcoming 3D Internet landscape. In addition to its core functionalities, the platform is gearing up to seamlessly incorporate features such as credit card payment capabilities. What’s more, the integration of KYC (Know Your Customer), AML (Anti-Money Laundering), and data analytics capabilities from Blockchain Intelligence Group underscores the synergy between the two companies. This integration, combined with Netcoins’ fiat to crypto exchange features, promises an elevated range of offerings through the platform.

Acquisition Mechanics and Shareholder Implications:

Upon finalization of the acquisition, TerraZero will transition into a fully-owned subsidiary of BIGG. The exchange ratio has been carefully determined at around 1.69 BIGG Shares for each TerraZero share. This evaluation pegs the approximate value of the offer at $0.54 per TerraZero Share, calculated based on the average trading price of BIGG Shares on the CSE as of August 22, 2023.

The acquisition will result in a substantial reshuffling of the shareholder landscape. Existing BIGG and TerraZero shareholders are anticipated to hold approximately 80% and 20% stakes in BIGG, respectively. Noteworthy in post-deal developments, TerraZero’s CEO, Dan Reitzik, is poised to serve as a non-voting observer on BIGG’s board for a duration of 12 months.

Promising Shifts in the Crypto and Metaverse Sectors:

With endorsements from the boards of both BIGG and TerraZero, this acquisition is poised to be a transformative event in the crypto and metaverse industries. It sets the stage for exciting future developments that hold the potential to reshape the landscape and drive innovation in these sectors.

In summation, BIGG Digital Assets Inc.’s strategic move to acquire TerraZero Technologies Inc. underscores its commitment to enhancing its presence in the rapidly advancing metaverse domain. The acquisition not only reflects BIGG’s determination to diversify its portfolio but also aligns with its broader vision of capitalizing on the dynamic opportunities within the metaverse sector. This pivotal acquisition, supported by industry-leading names, is expected to usher in a new era of growth and innovation.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.