BIGG Digital Assets (BIGG.C) sunk CAD$2 million into LUXXFOLIO (LUXX.C) for 12.5 million shares and 12.5 million warrants, and now owns 15% of said company.
Luxxfolio was in search of a strategic partner to help them get through their next growth phase in Bitcoin mining, and also help to find a way to enter the decentralized data storage vertical. Decentralized storage involves advancements in cloud computing and includes high growth areas like scientific research and development, artificial intelligence and 3D modelling.
“BIGG is first and foremost a digital assets company – and complementary to our holdings in crypto forensics, crypto trading and Metaverse/NFT is crypto mining – a mainstay and essential component to the digital asset economy. We believe LUXXFOLIO can become a global leader in sustainable crypto mining, and has established an excellent beach head operation in New Mexico with significant expansion potential. The team at LUXXFOLIO, led by Ken MacLean, have built deep relationships in the crypto mining community and have grown the business through multiple crypto pricing cycles,” said Mark Binns, CEO of Bigg Digital Assets.
Bigg is involved in three different aspects of the blockchain sector, including a cryptocurrency exchange called Netcoins, and Blockchain Intelligence Group, which offers a blockchain tech research, risk scoring and data analytics solution. Luxxfolio in comparison is a vertically integrated Canadian-based cryptocurrency mining company. They operate a crypto-mining facility in the United States predominately using renewable energy with a focus on the blockchain ecosystem.
Given that BIGG Digital seems to be on an expansion kick, having started with blockchain forensics, expanding into an exchange, and lately into the metaverse with a $100,000 investment into metaverse-development company TerraZero Technologies, it’s not too much of a stretch to suggest this company might be thinking about onboarding a few more verticals.
“We are thrilled to welcome BIGG as a major shareholder in LUXXFOLIO. BIGG will be an excellent partner as we navigate the opportunities in the current volatile market. Mark Binns and his team support our vision, and with their investment, we can continue to be opportunistic on the execution of our 2022 plan,” said Ken MacLean, Luxxfolio’s president.