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Cryptocurrency and blockchain firm Diginex could soon be listed on the Nasdaq stock exchange for the first time, bringing another blockchain company to public securities markets, Bloomberg reported.

Sources close to the company was quoted by the news outlet saying the blockchain consultancy and advisory firm is about to announce a merger with 8i Enterprises Acquisition Corp., a firm already listed on the Nasdaq exchange.

The deal would mean Diginex obtains a listing on the exchange automatically by default, which allows the firm to avoid the regulatory and compliance hurdles of a traditional initial public offering (IPO)—a so-called “backdoor listing.”

The newly merged company would retain the existing 8i Enterprises Acquisition Corp. Nasdaq listing, allowing Diginex to raise capital from public markets for the first time. However, the deal still requires the green light from the U.S. Securities and Exchange Commission (SEC) before it can be concluded, according to sources familiar with the matter.

At the time of writing, neither firm had issued a statement on the reports, which originate from sources first quoted in Bloomberg.

Assuming the deal goes through, the merger reportedly values the firm at $276 million, with shareholders set to receive 20 million shares in 8i worth $10 each.

The move from Diginex follows similar merger strategies adopted by crypto firms looking to secure a public listing, without enduring the compliance challenges of securing a formal IPO listing.

The so-called “reverse merger listing” has been used by a number of crypto and blockchain companies successfully, allowing firms to go public through an alternative channel.

Crypto exchanges Bithumb and OKCoin have taken similar steps in the U.S. and Hong Kong respectively, in an attempt to gain access to capital markets by the back door, as well as crypto billionaire Michael Novogratz’s Galaxy Digital crypto bank.

The reports come just weeks after Diginex announced a partnership with financial technology company FIS to offer new trading tools for digital asset management.

The merger comes at a time of increasing interest in blockchain from mainstream and institutional investors. Pending SEC approval, the merger could reportedly be concluded over the next few months.

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