Crypto exchange Apifiny goes public after $530 million deal with Abri SPAC

Apifiny Group Inc announced Thursday that it is going public after a merger with Abri SPAC I, a special purpose acquisition company. 

Apifiny is expected to be listed on NASDAQ once the $530 million deal officially closes in the third quarter of 2022. 

Founded in 2018, the San Francisco-based firm consolidates various aspects of digital asset trading markets, such as clearing and settlement, onto one platform. The firm’s partners include crypto big weights such as Huobi Global, OKEx, OKCoin and Blockchain.com. 

Apifiny intends to bolster its blockchain technology tool offerings and regulatory transparency through the merger, according to a release.

“We are proud to be joining forces with Abri, a team that brings years of capital markets expertise and experience operating and running both public and private companies. Together, we intend to create one unified global market for digital assets,” said Apifiny founder and CEO Haohan Xu in the statement.

Apifiny is one of the newest crypto companies to go public through a SPAC deal. Despite their utility and activity surge in the last year, The Block reports that SPAC deals may face trouble ahead in 2022.