Cryptocurrency company BIGG will acquire all preferred shares of metaverse company TerraZero for approximately $20 million in common stock

ChainCatcher news, cryptocurrency company BIGG Digital Assets has signed an agreement with metaverse company TerraZero to acquire all preferred shares held by TerraZero, with a total value of approximately 62 million BIGG common shares (about 20 million USD). This transaction is expected to be completed in September 2023, pending approval from TerraZero shareholders and other processes. Upon completion of the transaction, TerraZero will become a wholly-owned subsidiary of BIGG, with existing BIGG and TerraZero shareholders owning approximately 80% and 20% of BIGG shares, respectively.

It is reported that in the first and second quarters of 2023, TerraZero generated approximately 1.5 million USD in revenue, a year-on-year increase of 161%, and launched activation services for clients such as PwC, Fidelity International, and Warner Music. TerraZero expects to expand its business plan in the second half of 2023, focusing on the development of the Intraverse technology ecosystem, which is expected to launch in the first quarter of 2024.