A special purpose acquisition company — SPAC — that is expected to raise nearly a quarter of a billion dollars for crypto projects is headed to NASDAQ, according to paperwork filed with the exchange.
The SPAC, Crypto 1 Acquisition Corp. was incorporated in the Caymans and will be trading under the symbol “DAOOU.” Shares are expected to list at $10 for a total gross amount of $230 million.
According to that information the company intends to: “focus on the acquisition of a significant digital assets and cryptocurrency exchange, payment system and/or related financial services company, including wallets, lending and decentralized finance (“DeFi”). A significant number of cryptocurrency exchanges are located in Asia (such as Korea, Japan, Singapore and the Philippines), Europe, North America and Latin America.”
The SPAC is co-founded by Dr. Najamul Kidwai, and Michael (Xu) Zhao, according to the paperwork. Kidwai will serve as the chairman and director. Zhao, who will serve as chief executive officer and director, is described as having “significant experience in cryptocurrency assets trading and investment, including starting a cryptocurrency exchange.”
The crypto exchange in question is International Digital Currency Markets – a trading platform incorporated in Seychelles.
Like most all SPACs, Crypto 1 will have 12 months to close a deal.