Majic Wheels, Corp. (OTC Pink: MJWL)
A company just opened the eyes of several investors in the last few days as they announced that it has executed a binding letter of intent to acquire a USD 150M revenue producing cryptocurrency exchange and custody services platform: CGCX Ltd.
The news generated a rise of 122% to close at 0.031.
The following days exploded the stock which reached 0.078 before closing at 0.0721. An increase of 415% in 3 days.
What causes such enthusiasm is the immensity of the agreement for a company on the OTC. A few days ago the company was trading below 0.005 and was still unknown to investors.
On May 25, 2021, Majic Wheels Corp. invites everyone to the Corporate Newsletter to receive updates about the upcoming presentation
“With the recent announcement of our pending acquisition of the Calfin Global Crypto Exchange, we have received a lot of interest and questions from the investor community. To that end, we wish to host an online presentation to provide further details about CGCX,”
-said David Chong, CEO and Director of Majic Wheels Corp.
Why is this agreement so huge?
CGCX has already established a crypto trading platform and custody solutions. And more, it is one of the first participants to offer insurance to some of its clients.
CGCX has established three different business lines that complement the needs of the cryptocurrency market.
On April 07, 2021, CGCX.io announced that they will allow traders in India to directly buy and sell crypto assets from a dedicated trading desk as individuals or as an institution. A fully insured OTC desk will make the buying and selling of crypto easier and reduce traders ’risk of loss.
Entering India is part of the company’s growth strategy as it expands to global markets. India, which is home to more than a billion people, has massive potential for crypto adoption.
Besides the crypto exchange, CGCX also has its own token with a $53 million market cap.
“The company’s growth strategy as it expands to global markets”
And more, CGCX is handling BGBF BCMG Genesis Bitcoin Fund-I (BGBF-I). A South East Asia’s first insured and regulated Bitcoin fund. This is the first of its kind Bitcoin fund which institutionalizes the active management of the digital asset to provide a steady return on investment. The investors can feel safe with fixed returns from the fund and avoid the volatilities of Bitcoin.
The acquisition of CGCX by Majic Wheels appears to be one of the greatest opportunities for investors. MJWL has a market value of just $69 Million at the time of the article.
To come up
The company announced on its Twitter account that they are working on other acquisitions and they are ready to finalize financial & disclosure statements as soon as OTCIQ access Is obtained ….
“MJWL has a market value of just $69 Million”
MJWL can be a penny stock that you don’t often see as HMBL (TSNP).
We await more information for further events but one thing is certain, the future of MJWL is exciting.
To be continued…
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