Hong Kong-listed alcoholic beverages distributor Madison Group has acquired a 51% controlling stake of a multinational crypto-currency miner headquartered in Hong Kong for USD $60 million.
Diginex Limited, the crypto-currency miner being acquired, said in a press release that an MOU (memorandum of understanding) between the two companies detailed a number of synergies, including the leveraging of Diginex’s proprietary platform Digiassets that can be used by holders of cryptocurrencies to purchase high value wines and other assets.
Madison Holdings Group, formerly Madison Wine, is an investment holding company mainly focused on the retail and wholesale alcoholic beverages business.
The company offers a wide spectrum of fine wines, wine related products and other spirits such as premium and rare whiskies, cognacs and Chinese baijiu in Hong Kong. Madison is listed on the Hong Kong Stock Exchange since 2015.
Diginex, which is privately owned, has offices in Hong Kong, Switzerland, Germany and Japan. It has mining operations in Asia, Switzerland and Sweden.
The $60 million investment by Madison is said to allow Diginex to fast track the expansion of their GPU mining operations in Western Europe in partnership with hardware suppliers, power and security providers in order to build a secure and efficient GPU-based cryptocurrency mining data center.
Miles Pelham, the CEO of Diginex, stated: “this cash injection allows us to expedite our steps towards becoming the global provider of Distributed Ledger Technologies (DLT). We will continue to build out our mining operations in Sweden and Switzerland, but also focus on helping corporates and governments across the world to implement transformative DLT applications.”