Kogan to support Bitbuy’s launch into Australia
Bitbuy, one of Canada’s largest crypto trading platforms, will have online retailer Kogan.com providing it with marketing support when it enters the Australian market.
Yesterday, Kogan, which owns and manages a portfolio of domain names, announced that it was selling the domain name bitbuy.com to the Ontario-based First Ledger Corp, Bitbuy’s parent, and had entered into an advertising arrangement with Bitbuy.
According to Kogan, Bitbuy is one of Canada’s most secure and trusted platforms for crypto trading and recently became the first approved marketplace and dealer as granted by their local security regulators.
“The domain sale not only delivers returns for Kogan shareholders but also provides an opportunity to benefit from Bitbuy’s future success in the crypto business abroad and potentially in the Australian market,” says Kogan.com executive director David Shafer.
Bitbuy chief operating officer Jordan Anderson adds: “With a Kogan.com partnership in place, we are confident of a successful expansion of Bitbuy into Australia.”
On transferring the domain name, Kogan will receive US$1.5 million in cash and a warrant entitling Kogan to around CA$2.8 million in either equity in First Ledger or cash upon exercise of the warrant, which will occur within one year after the transfer of the domain name.