Australia’s largest and fastest growing share registry business, DigitalX (ASX: DCC) has signed a three year agreement with Australia’s number one provider of IPO services, Automic Group, to reel investors to DigitalX’s Sell My Shares business.
The Sell My Shares online platform, which is wholly-owned by DigitalX, specialises as an online stockbroker where they act as a share registry holder and manage transactions for investors wishing to offload holdings who don’t have a direct relationship with a stockbroking firm.
Under the agreement, investors that hold shares in any of Automic’s ASX-listed client companies will be able to access the Sell My Shares service via the Automic investor portal. The agreement is expected to boost transaction volumes and generate additional revenue for both companies.
“We are excited about partnering with a great Australian company such as Automic Group to further develop our Sell My Shares business and support its ASX-listed registry clients. For our team this was a significant focus in our strategic revenue initiatives and is a considerable milestone for DigitalX moving forward,” said DigitalX CEO, Lisa Wade.
In separate news, shareholders of DigitalX are up in arms and have been slamming the board of the Company, during the most previous AGM held yesterday, as they’re one of the only ASX-listed companies with balance sheet holdings in cryptocurrency. As many would know already, recently one of the world’s largest cryptocurrency exchanges FTX collapsed and caused a fallout effect across the whole crypto space. Holding over $16.6 million worth of crypto assets in its corporate treasury and funds, including 250 Bitcoins and 143 units of Ethereum, DigitalX has an unreasonable level of exposure to the space, according to shareholders.
With Bitcoin and Ethereum both declining 25% since the announcement of the unfortunate FTX debacle, the exorbitant risk in the controversial industry made absolutely no sense to shareholders that the board preferred to take punts on a hugely speculative industry, without considering its own shareholders.
As crypto continues its return to earth since its peak in November, DCC shares have also gone bust and tailed behind losing over 80% of its value, where it is keeping itself partially intact at a price of 2.8¢ at the time of writing.
Trading Desk Assistant at Emerald Financial
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