Blockchain Global

Blockchain GlobalFormerly| Bitcoin Group (2014–2016)

|

Type| Private
Industry| Cryptocurrency exchange, Bitcoin mining, Blockchain technology
Fate| Collapsed (owing $58 million); former director banned from leaving Australia
Founded| 2014; 12 years ago (2014)
Founder| Sam Lee
Defunct| 2023
Headquarters| Melbourne, Australia

Key people

| Sam Lee (Founder), Allan Guo (Co-founder/Director)
Services| Cryptocurrency trading, business incubation, blockchain solutions
Website| ACX.io (defunct)

Blockchain Global was an Australian cryptocurrency exchange based in Melbourne. It was co-founded in 2014 by Sam Lee.[1] as Bitcoin Group, and in August 2016 was rebranded as Blockchain Global.[2] The company later developed the blockchain exchange platform ACX.io, and in 2017, acquired Digital X Direct.[3] ACX subsequently ceased operations abruptly with customers unable to access their assets.[4]

## Contents

* 1 History
* 2 See also
* 3 References
* 4 External links

## History

Bitcoin Group was founded in 2014 as a bitcoin mining company as a result of a partnership between Sam Lee, Allan Guo and Vincent Vu.[5][non-primary source needed]

As of September 2015[update], with seven bitcoin mining locations in Australia, China, and Thailand, Bitcoin Group's mining operation generated 6.2 peta hashes,[5] approximately 15.7% of the Global Hash Power.[6] The company made a submission to the Australian Senate’s Economics References Committee for their 2015 inquiry into digital currencies. The submission advised the committee that while the company did not agree with the ruling on the GST treatment of digital currencies by the Australian Taxation Office, its ambitions would have been more difficult to realize without the regulatory clarity that it provided.[7][non-primary source needed]

Bitcoin Group announced that it would pursue an initial public offering (IPO) on the Australian Securities Exchange (ASX) in October 2014. The attempt was delayed by two stop orders from the Australian Securities and Investments Commission (ASIC). Following ASIC's request for an Independent Expert Report,[8] the company undertook a third attempt to list on the ASX through an IPO, planning to issue 100 million new shares by January 2016 and thereby raise $20 million at 20¢ a share and achieve a market capitalisation of $32.9 million based on 164,870,930 shares on completion of the offer.[9] Bitcoin Group closed their offer on 25 January 2016 after raising $5.9 million, less than a third of the target,[10] and in March 2016 withdrew the offer and refunded subscribers after ASX deemed their liquidity insufficient.[11] The company said the capital report by an independent accounting firm which the exchange had required did not take into account the expected rise in bitcoin prices following block halving in July 2016.[12][3]

In August 2016 Bitcoin Group rebranded as Blockchain Global[2] to reflect a broadened focus including management consulting and business incubation.[3] The company later developed the blockchain exchange platform ACX.io; in February 2017 it reached an agreement with Digital X to take over the function of that company's blockchain exchange platform, Digital X Direct.[3] ACX subsequently ceased operations abruptly with customers unable to access their assets.[4]

Former director of failed crypto company Blockchain Global has been banned from leaving Australia, with the company owing $58 million after its collapse. Chinese citizen Liang ‘Allan’ Guo was issued a travel ban on February 20, being deemed a flight risk, and has been ordered to surrender any passports in his possession.

## See also

* Economics of bitcoin
* List of cryptocurrency exchanges
* List of bitcoin companies

## References

1. ↑ "The search for $50 million lost after Blockchain Global's crypto exchange collapse". 3 October 2023. https://www.abc.net.au/news/2023-10-03/blockchain-global-collapse-cryptocurrency-asic-730/102925444.
2. ↑ 2.0 2.1 "IT Services: Company Overview of Blockchain Global Limited". Bloomberg. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=274633620.
3. ↑ 3.0 3.1 3.2 3.3 Asha McLean (2017-02-09). "Blockchain Global scoops up Digital X's bitcoin liquidity desk". https://www.zdnet.com/article/blockchain-global-scoops-up-digital-xs-bitcoin-liquidity-desk/.
4. ↑ 4.0 4.1 "Collapse of crypto platform a cautionary tale" (in en). 2021-02-28. https://www.afr.com/companies/financial-services/collapse-of-crypto-platform-a-cautionary-tale-20210228-p576hn.
5. ↑ 5.0 5.1 "Our Company". Bitcoin Group. http://www.bitcoingroup.com.au/our-company/.
6. ↑ "Bitcoin Group to list on share market". SBS News. 2015-09-07. http://www.sbs.com.au/news/article/2015/09/07/bitcoin-group-list-share-market.
7. ↑ "Digital Currency - Game Changer or Bit Player". Australian Senate Economics References Committee. p. 36. http://adcca.org.au/wp-content/uploads/2015/08/aus-senate-bitcoin-report-040815.pdf#page=36.
8. ↑ "Bitcoin Group's IPO has been delayed again as ASIC requests a mining expert". http://www.businessinsider.com.au/bitcoin-groups-ipo-has-been-delayed-again-as-asic-requests-a-mining-expert-2015-11.
9. ↑ Shaun Drummond (2015-09-08). "Third time lucky for Bitcoin Group at an IPO?". Sydney Morning Herald. http://www.smh.com.au/business/markets/currencies/third-time-lucky-for-bitcoin-group-at-an-ipo-20150907-gjh4wz.html.
10. ↑ Katy Barnato (2016-02-02). "World's first bitcoin mining IPO falls short". CNBC News. https://www.cnbc.com/2016/02/02/worlds-first-bitcoin-mining-ipo-falls-short.html.
11. ↑ Fiona Lau; Jennifer Hughes (2018-05-14). "Chinese bitcoin mining gear makers set sights on world's largest bitcoin IPOs". Reuters. https://www.reuters.com/article/us-bitcoin-hongkong-ipo/chinese-bitcoin-mining-gear-makers-set-sights-on-worlds-largest-bitcoin-ipos-idUSKCN1IG0F2.
12. ↑ Georgia Wilkins; Shaun Drummond (2016-03-09). "ASX nixes Bitcoin Group's sharemarket float over capital concerns". Sydney Morning Herald. https://www.smh.com.au/business/banking-and-finance/asx-nixes-bitcoin-groups-sharemarket-float-over-capital-concerns-20160309-gne3c7.html.

## External links

* Official website

Template:Cryptocurrency exchanges

* v
* t
* e

Bitcoin

* History
* Economics
* Legal status

Groups|

* List of bitcoin companies
* List of bitcoin organizations
* List of people in blockchain technology

Note: This topic belongs to "Money" portal

Technologies|

* Base58
* Bitcoin network
* Blockchain
* Colored coins
* Cryptocurrency
* Bitcoin ATM
* ECDSA
* Lightning Network
* P2P
* Proof of work
* SegWit
* SHA-2

Software client|

* Bitcoin Core

Forks|

| Client|

* Bitcoin XT
* Bitcoin Classic
* Bitcoin Unlimited

|

Currency|

* Bitcoin Cash
* Bitcoin Gold

Exchanges|

* Binance
* Bitcoin Center NYC
* Bitfinex
* bitFlyer
* Bithumb
* BitMEX
* Bitstamp
* Bittrex
* BTCC
* CEX.io
* Coinbase
* Coincheck
* CoinCorner
* Coinfloor
* Coins.ph
* Gemini
* Huobi
* Kraken
* LocalBitcoins
* OKEx
* ShapeShift
* Upbit

| Defunct|

* BTC-e
* Cryptopia
* Mt. Gox
* QuadrigaCX

|

* Book
* Category
* Commons

0.00

(0 votes)

Original source: https://en.wikipedia.org/wiki/Blockchain Global. Read more

|

Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Blockchain_Global&oldid=4241306"
*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template