While the crypto community was all waiting for the eToro merger date, the Fintech acquisition corp V and eToro have mutually agreed to terminate the merger agreement.
eToro announced in March that they are ending the listing plans for Nasdaq.
There would be no termination fees from the eToro if the agreement failed to go through. The merger between the EToro and acquisition corp V was first announced in March 2021. Also, the transaction deadline may complete on June 30.
Why eToro and Corp V Ending Their Merger?
Fintech Acquisition Corp V is a certain purpose acquisition company tackling mergers, capital stock exchange, asset acquisition, and stock purchase in the fintech industry. These kinds of companies are also known as “blank check companies.”
Moreover, both the companies might get the utmost disappointment with the result.
Speaking of the crypto crash nowadays, the crypto market has experienced far worse incidents in recent times.
Moreover, eToro appears to be facing the effects of the recent market crash as it has laid off 100 employees, about 6% of its workforce.
Mergers And Acquisitions Galore In The Crypto Market
In the past recent years, the number of acquisitions and mergers in the crypto market has been steadily growing. This is a natural development of a growing market, which has seen multiple companies expand exponentially in terms of valuation.
One of the most prominent acquisitions, though not exactly in the traditional crypto market, was Silvergate acquiring Meta’s Diem stablecoin. Coinbase has also acquired cryptographic security firm Unbound to bolster its security.
As for entities from the traditional finance space, the Deutsche Börse Group has acquired a majority stake in Crypto Finance AG. Developments like these showcase the rapidly increasing interest in the crypto space, despite the ups and downs the market faces.
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