IP licensing firm Marathon Patent Group, Inc said it agreed to acquire four patents related to the transmission and exchange of cryptocurrencies between buyers and sellers.
“As with any new and emerging technology the company’s efforts to enter into businesses involving digital asset mining and cryptocurrency patent licensing and enforcement is subject to significant risk and we may not be successful,” said Marathon Patent Group.
“On November 2, 2017, Marathon announced that it has entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures Inc. (GBV), a digital asset technology company that mines cryptocurrencies.
“The closing of the transaction is subject to obtaining requisite approvals and customary closing conditions.”
Merrick Okamoto, Marathon’s interim CEO said: “Given our proficiency in identifying and acquiring important intellectual property, we believe that these patents afford us a unique and leverageable position, in addition to complementing our efforts as we enter into the digital asset and cryptocurrency business.”