Crypto-fintech company Pete Townshend announces the sale of its petrochemical assets
Crypto-currency exchange PeteTownshend announced the sale to the company owned by former Prime Minister Peter O’Neill.
Pete had previously made a $2.6m equity investment in the company, which is a precursor to its cryptocurrency trading.
Petes share value was raised to $2,500 per share.
“We are thrilled to partner with Pete and are confident in the future of this company,” Pete CEO and founder Mark Pritchard said.
“PeteTownShend is a leader in the growing space of blockchain technology and the ability to connect with and manage the blockchain and smart contracts, enabling new possibilities for businesses and individuals.”
We are proud to have been a part of Pete’s history and are looking forward to building on our legacy and becoming a global leader in blockchain technology.
“The sale comes at a time of increased concern about the risks associated with the cryptocurrency and blockchain.
A recent study by the U.S. Securities and Exchange Commission said that blockchain technology could be “a risk to financial stability, security, and privacy”.
The report found that blockchain platforms could provide “a new way for financial institutions to process transactions that would otherwise be unrecoverable and would have a significant impact on the functioning of financial markets”.
In addition, the report said that “the rise of blockchain technologies could have significant negative effects on consumers and financial institutions”.
The U.K. has also seen an increase in cryptocurrency trading, which has seen bitcoin price skyrocket more than 400 per cent in the past year.
Bitcoin, the most popular cryptocurrency, has also been trading at more than $1,000 per coin in the last month.
The cryptocurrency is now valued at around $1.3bn, making it the third-largest cryptocurrency after bitcoin and ether.
A total of more than 300 cryptocurrencies have traded on the exchange.
The Pete townhouse, which was built in 1836, was acquired by Pete in 2011.
The townhouse has been listed on the London Stock Exchange since 2014.