Canadian fintech investment group 360 Blockchain (CSE:CODE) has agreed a new tie-up with a subsidiary of enterprise IT firm Nerds On Site Inc.
The new joint venture, with the NOS Blockchain Inc vehicle, will see 360 initially invest C$100,000 to allow NOS to accelerate its development of blockchain products and services. In return, 360 will gain first right of refusal on all NOS blockchain technologies.
READ: 360 Blockchain Inc set to acquire 60% of Silicon Valley based SV Crypto Lab (SV)
It comes as the parent company Nerds On Site advances its initial public offering (IPO) which aims to fund an overall growth and expansion of the group’s scalable business model.
George Tsafalas, 360 Blockchain chief executive, in a statement said: “The leadership team at NOS Blockchain Inc. has an extensive track record of success, building a technology company from the grassroots into a market leader in the IT solutions space.
“Their advanced stage blockchain technologies are the basis of our decision to structure a joint venture and invest $100,000 at this time.”
Shares advanced 6.67% in Toronto to C$0.32 each.