American technology company Black Cactus Global has scrapped its memorandum of understanding (MoU) with NSB Holdings to buy a majority stake in an Icelandic bank.
The MoU, which was originally signed in January this year, aimed to set up a first fully digital bank based on blockchain technology.
Go deeper with GlobalData
The company said that the decision was taken following a strategic review that concluded that the acquisition would create “numerous competitive risks” that would certainly impact the economic feasibility of such a project.
Black Cactus on its statement noted that the acquisition will distract its focus away from main activity which is the development of Blockchain applications for the efficient management of financial and administrative processes across numerous industries.
Black Cactus Global focuses on blockchain, machine learning, cryptocurrency, and the Internet of Things (IoT).
It collaborates with large organisations and specialised groups on global development and consulting projects in key development areas such as cyber security, fintech, financial services, digital media, and healthcare.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
