BlockEx Is Acquired By UK Manager as Current CEO Leaves
The crypto firm BlockEx has been recently acquired by a United Kingdom asset manager. After the takeover, the current CEO of the company, Adam Leonard, is leaving. He was instrumental during the acquisition and negotiated the deal for over six months.
Leonard has been a part of the company since 2014 and it has over two full decades of experience in the financial sector. He is a specialist in business administration and in the blockchain technology.
BlockEx was created o manage digital assets during their whole lifecycle. The main idea was to offer a service that would support investors during all the process of buying, managing and selling cryptos.
The company started to get into financial trouble because of the bear market. It had a pretty successful Initial Coin Offering (ICO) back in January 2018 but the plunge in the prices affected it a lot. Most of the assets acquired during the sale of the tokens turned to dust as the prices went down and the company started to enter a dire financial situation.
One of the main reasons why the company lost so much money was because most of its assets were cryptos. Some assets lost over 90% of their value last year, so the company was hit very heavily. A consortium that would pay over $9 million GBP to the company also failed to deliver on its promises, so the problem only got worse.
Despite all the issues, the CEO remained upbeat. He tried to calm the shareholders and decided to sell the company. Now, Leonard’s job is done with the company and he is set to move towards new challenges.