NXChain Inc. has announced that it has entered into a non-binding Letter of Intent (LOI) to engage in a merger with LXCCoin Ltd., a privately-held UK company in the blockchain and digital currency market.

Under the terms of the LOI, LXCC is expected to be merged with NXCN, which will remain the surviving entity, and LXCC’s shareholders are expected to own approximately 90% of the post-merged fully-diluted shares of NXCN.

According to the company’s description on Reuters, NXChain Inc., formerly AgriVest Americas, Inc., incorporated on November 30, 2011, is a shell company. Its sole purpose is to locate and consummate a merger with or an acquisition of a private entity.

"We firmly believe that blockchain technology has the ability to induce positive paradigm shifts in a range of industries.  A stable digital currency unit with high trust and complete financial transparency will improve the usability of such tools.  We believe digital currencies may be one of the most promising investment opportunities of our age and with utilization of the platforms developed by LXCCoin, we are confident we can become an important contributor to this market”, said Mr. Michael Campbell, CEO of NXChain, in a statement. 

NXChain said that it is in the process of migrating over to the OTC QB Marketplace. It plans to commence operations through acquisitions of cryptocurrency companies and technologies and to provide cryptocurrency products and services across the global financial industry. 

"We expect to join forces with many similar operations in the future, either together or side-by-side; creating the framework for a new generation of borderless money on a worldwide scale”, Campbell added.

Formed in 2013, LXCC has developed a range of blockchain-based enterprise solutions, mostly revolving around its “LXCCoin” – a bitcoin hybrid that incorporates InstantX transaction protocol coupled with a proprietary transaction support node network designed to accelerate transaction speeds to around 1.5 seconds. The LXC cryptocoin is a digital currency, 100 % asset backed with around 12% yearly performance giving the cryptocoin stability and profitability. It has been designed to create a small yield that ensures stability and liquidity of the coin.

The LXCC software platform includes a digital currency exchange; a payment gateway and load balancer; a digital p2p lending platform; and an app-based Swyptobank hybrid banking platform.

"[B]y becoming part of a public company with full reporting compliance and transparency we will enhance our opportunities to accomplish our goals and objectives of bringing financial transparency and further usability of crypto currencies to the global digital currency market”, said Mr. Henrik Ellefsen, CEO of LXCCoin Ltd.