OBITX, a software development and services company specializing in blockchain technologies and decentralized processing, announced today that it has engaged legal consultants in the creation of a corporate-sponsored SPAC, Everything Blockchain. Based in the Cayman Islands, the SPAC would target emerging companies in blockchain technologies.
The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027.
“Even with all this news, blockchain is still an immature technology, with a market that is still trying to find its way,” OBITX CEO Michael Hawkinssaid in a statement. “Companies are expending large amounts of capital; for example, IBM has more than $200 million invested in the blockchain-powered Internet of Things (IoT). Our vision and goal at OBITX is to find businesses that have garnered success in the blockchain, with similar and sound management and developments, merging them into a leading, trend setting, policy making entity recognized worldwide.” Read more.