Avalon Advanced Materials Inc (OTCMKTS:AVLNF) announced recently that it has acquired the cryptocurrency mining equipment and other digital currency inventory. Furthermore, the company announced the change of the company’s brand name from Avalon Advanced Materials Inc to the Avalon Blockchain Inc.
Avalon will add to the list of companies that have joined into the cryptocurrency world. The firm has acquired the necessary mining assets from the leading companies in cryptocurrency, Avalon Life SA, and Avalon Projects Canada Inc.
The acquisition will include the purchase of about 27,000 ASIC token mining machines and other virtual currencies such as the Dash master nodes, Vivo, and Pura coins. The company will receive the value of the crypto assets worth $109, 745,619 based on the current market values and the exchange rates. The stated amount is adequate enough to operate and manage the digital currency mining machines that the firm has acquired recently.
The company also intends to reshuffle its Board of Directors and the Management Team. The company completed its acquisition of the specified cryptocurrency mining and inventory digital currencies from the Avalon Life S.A. The Transaction Assets were obtained based on the terms of the purchase agreement between the company and the Avalon Projects Canada Inc.
Avalon focuses on the provision of the special metals and minerals and has interest in venturing into the new technologies including the cryptocurrencies and blockchain technology. The company has three core projects including exposing the investors to the lithium, tin and indium and other earthy elements.
The new company is expected to generate huge amounts of the money since the mining cryptocurrencies have been a rewarding business in the recent past. For instance, the CoinMarketCap has estimated that the cryptocurrency industry if now valued at $768 billion. The new company will also acquire some good rewards through the token’s reward program.