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by Stockwatch Business Reporter
The TSX Venture Exchange dropped 8.45 points to 803.23 Monday, comparatively a stellar performance. Jeffrey Sharpe's NEX-shell Movit Media Corp. (MV: $0.15) has a new deal. The company is planning to roll back 1 for 12.5, and then issue 22 million shares to acquire Som Seif and Benjamin Roberts's Ethereum Capital Inc. The target is planning to raise $50-million in connection with the transaction, issuing 20 million subscription receipts at $2.50. Ethereum is a newly incorporated Ontario company with plans to become "the central business and investment hub for the Ethereum ecosystem." It says it will do this by acquiring Ether, the cryptocurrency, and Ether-based businesses.
Ether is a digital token and the most-popular cryptocurrency after Bitcoin. One Ether token is now worth $720 (U.S.), having dropped from $1,400 (U.S.) last month. Bitcoin has also dropped, closing at $7,233 (U.S.) a coin, downfrom $17,000 (U.S.) in January. Cryptocurrency prices are down following reports of potential price manipulation and worries over increased regulation. Major banks have also banned credit card purchases of cryptocurrencies.
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