Net Savings link Inc. (OTCMKTS: NSAV) has signed a binding letter of intent to purchase 40% interest in an unnamed Virtual Asset Management firm based in Hong Kong. The company has a Type 9 asset management permit, and it is regulated under Hong Kong Securities and Futures Commission.
NSAV to be the largest shareholder of the Asset Management company
According to the terms of the letter of intent, NSAV will be the single largest equity holder of the company. It will bolster the asset management company to make it a blockchain leader in the industry. The company aims to attain more the $2 billion worth of Virtual Assets Under Management within the next 2-3 three years, capitalizing on the growing demand for the services.
NSAV management believes that considering the growing Virtual Assets regulation; assets management companies will need to act as custodians of virtual assets, given that blockchain tech is becoming prevalent today. Equally, NSAV is pursuing the transaction as it believes that as an Asset Management enabled blockchain company will help allow more transparency to regulators to protect against unregulated activities. Most importantly, NSVA considers itself as a bridge between crypto investors and the banking sector.
Silverbear to select a team to run the company
Silverbear Capital Inc. will select a qualified and licensed team to run the Asset Management company at the end of the month. Equally, Silverbear will explore the formation of other dynamic services the Asset Management firm will offer.
NSAV SVP Desmond Dat’ Sri Lim said, “We believe communication between the investors and the regulators are an important aspect going forward within the blockchain industry. Being a regulated Asset Management company is an important step to be successful in this business, and I am confident that this will be become the major trend for this industry within the coming months.”