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Looking Glass Labs to Acquire Development Division of LACA Solutions and Establishes APAC Web3 Office

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Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization, and virtual asset royalty streams, is pleased to announce it has entered into a letter of intent (“LOI“) to acquire the Development Division of LACA Solutions Corporation (“LACA“). The Development Division contains certain proprietary technologies and intellectual property, as well as the employment contracts of 13 talented individuals equipped with over 140 years of combined experience in gaming, programming and Web3 applications. Upon closing of the acquisition, the Development Division is intended to become the foundation of LGL’s new base of operations in Vietnam, which is one of the world’s leading jurisdictions for NFT, metaverse and play-to-earn (“P2E“) gaming development.

Founded in 2017 by Son Nguyen in Ho Chi Minh City, Vietnam, LACA works with clients in a variety of industries including blockchain, gaming, software outsourcing, payment processing, loyalty reward programs as well as customer promotion services. With extensive experience working in the US, Japan. the EU, and Singapore, LACA develop a roster of notable local and international clients. LACA’s Founder and CEO, Son Nguyen, has more than 20 years of experience in the information technology industry. His partner, Tin Nguyen, is based in Georgia, USA, is a strategic member of LACA’s board with 20 years of experience focused primarily on product and enterprise development.

Transaction Rationale

Company management views the intended acquisition as being both strategic and accretive from a human capital perspective, as the ability to quickly add talent and experience in the rapidly evolving Web3, NFT and P2E gaming industries is a competitive advantage for growth that is expected to benefit customers, shareholders and other stakeholders alike. From an organizational design perspective, the Company is planning for the Development Division to fall under its wholly owned subsidiary and flagship studio, House of Kibaa (“HoK“).

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The Development Division will be focused on assisting HoK with Unreal Engine gaming, Web3 development as well as front-end and back-end web programming. Specifically, a redemption portal is being targeted as the Development Division’s nearest term project, which is being planned to include: a front-end launcher; and local database systems for internal assets and games. Future projects are also expected to include the creation of avatar systems, NFT renting contracts, user-friendly NFT minting tools, treasure box systems, HTML5 integration and testing for HoK’s Origin metaverse, game development services for third parties and other research and development projects for the Company.

Further, the Company is pleased to announce that it is in the process of establishing a corporate office in  Ho Chi Minh City, Vietnam which  intended to function as LGL’s APAC Web3 Campus (pictured below in the form of an architectural rendering):

The consideration payable for LGL’s acquisition of LACA’s Development Division shall consist of up to CAD 500,000 cash and up to CAD 1 million in common shares in the capital of LGL, payable as follows:

  • CAD 50,000 cash payable within 10 days from the date of acceptance of the LOI by LACA;
  • CAD 50,000 cash upon the execution of the formal and binding transaction agreement (“Definitive Agreement“);
  • CAD 100,000 cash upon the successful transfer of the employment of the 13 individuals within the Development Division to LGL or an affiliate of LGL;
  • CAD 100,000 cash within 90 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
  • CAD 200,000 cash within 120 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
  • CAD 500,000 of common shares in the capital of LGL upon the Development Division achieving certain milestones in connection with a launch of an HoK token; and
  • CAD 500,000 of common shares upon the Development Division achieving certain milestones in connection with the alpha launch of HoK’s metaverse and subsequent virtual land sales.

The issuance of any common shares of LGL as contemplated in the LOI remains subject to a Definitive Agreement and approval from the Neo Exchange.

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said, “Acquiring the development division of LACA is strategic for LGL as it marks our first purchase of assets overseas. We are optimistic that the transaction of operations in Vietnam will only help us achieve our goals as a company.” Mr. Banks added, “The HoK VN Studio is a project that LGL is excited about, and to have LACA onboard and working with us is encouraging.”

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Service Provider Engagement

The Company also announces that it has engaged MarketSmart Communications Inc. (“MarketSmart”), an arm’s length party to the Company, to provide investor relations services and the management of the Company’s social media channels (collectively, the “Services”) for an initial period of six (6) months with the option to renew at the Company’s election. The Company has agreed to pay to MarketSmart CAD 9,500 plus GST per month for the Services. In addition to the monthly retainer, the Company has granted to MarketSmart an aggregate of 100,000 stock options (each an “Option”), each Option is exercisable to purchase one (1) common share in the capital of the Company at CAD 0.76 per common share for a period of two (2) years and shall vest in one-third (1/3) tranches over a period of 18 months.

Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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