Chapmans Limited (ASX:CHP) Invests in Blockchain Through $1M Strategic Investment in Reffind (ASX:RFN)
Summary
It was made following the Companys internal assessment of the substantial potential in the emergence of blockchain across numerous global enterprise use cases and markets. The price of Bitcoin has risen approximately 1,600% in the last year and this month Bitcoin futures began trading on Wall Street.Chapmans blockchain investment strategy includes but is not limited to investing in proven and compelling large-scale corporate and government adoption and take up of blockchain technology companies with experienced boards and executive teams and post-revenue status with low entry point pricing, well protected intellectual property and significant capital growth upside.Chapmans participated in Reffinds placement on December 7 following which Reffind issued 82.5 million ordinary shares to sophisticated investors using its existing capacity under section 7.1 and 7.1A of the Corporations Act (Commonwealth 2001).Reffinds exposure to blockchain comes through a strategic investment it has agreed to make in Loyyal Corporation ("Loyyal"), a blockchain-based global leader in the loyalty and rewards industry. The investment will provide Reffind with exclusive rights to Loyyals technology platform and product offering in agreed countries across the Asia Pacific region with certain performance based terms. The strategic investment in Reffind meets all our criteria and gives us exposure to the exciting and rapidly growing blockchain sector. The Company has built its growth to date through both organic growth and acquisition.About Chapmans Limited Chapmans Limited (ASX:CHP) is an ASX-listed diversified investment company engaged in special situation investments across a diverse range of industries, with a focus and expertise in the mobile and advanced industrial technology sectors.