On Thursday, the Wall Street Journal reported that the company that owns and operates Bitfinex has signed a $50 million deal to buy out the company’s former chairman, Charlie Shrem.
According to the WSJ, the deal would be the largest investment in bitcoin by a public company.
Shrem was CEO of BitfineX until it was acquired by the Wall St. Journal in October.
The announcement was made in a press release by Bitfinexes new CEO, Patrick Byrne.
“I’m thrilled to welcome Patrick Byrne to the company and look forward to building upon our existing relationship with him to make the company the leader in the digital currency space,” Byrne said.
Byrne and Shrem have known each other for a while.
Byrne joined Bitfinexs board in 2014 and Shrems position at the company was recently confirmed by the WSJs parent company.
Bryant previously served as CEO of the Winklevoss twins, a bitcoin exchange and wallet service that was acquired in 2014 by BT Group for $315 million.
The Winklevii have said they will be keeping a stake in Bitfinexx.
Bitcoin is a virtual currency that is created through a complex computer network of computers around the world.
Bitcoins are created by users participating in a network of nodes.
It is created by mining, which involves a computer that solves a mathematical problem.
The currency can then be transferred to and from digital wallets or sent around the internet.
Bitfinext is a bitcoin wallet service, and it has seen a meteoric rise in popularity.
Since the announcement of the deal, Shrem and Byrne have taken to Twitter to congratulate each other.
Barry Silbert, CEO of Bitcoin Investment Trust, which invests in bitcoin, tweeted, “Very happy to welcome @Patrick_Byrnes and @CharlieShrem to @Bitfinex.
We look forward a great partnership!””
This is great news for Bitfinexe.
It means they are a major player in the cryptocurrency space and the people behind them are incredibly committed to building the future of the industry,” Silbert added.
Silbert also tweeted that he is “happy to report that Patrick and Charlie have been working together to build Bitfinexa for years and it is very exciting to see them finally working together.”
According to a press statement from the company, the transaction will be announced on Friday, October 19.
“This transaction will bring Bitfinexus financial resources to support its businesses and its people as we continue to scale and expand our business and expand into new markets,” the statement reads.
“It is a huge deal for us to be part of this transaction, and I can’t wait to see how we grow the company as we expand into the future.”