Asama acquires Santo Mining controlling interest: On Friday, it was announced that controlling interest of Santo Mining Corp (OTC:SANP) has been acquired by Vietnam-based cryptocurrency company Asama.
Santo Mining will now be going through a thorough corporate restructuring process, which involves the company’s financial aid, social media, board member and or directorship changes.
Asama, which focuses on cryptocurrency data mining, plans to use this acquisition to “expand its market share as the leading South Asian crypto mining company.”
The company’s main interest falls “in the research and development of high-end, high-efficiency and high-profit returns of cryptocurrency mining computers.” Asama currently has up to 5,000 computers in four different locations in Vietnam.
>>Glance Technologies Thinks it Can Enter Market as ‘The’ Cryptocurrency, So Why’s the Stock Dropping?
Vice President of Santo Mining, Franjose Yglesias, has said that several “new and exciting changes will be occurring in the immediate few weeks” as the company transitions to Asama.
Chairman of Asama, Duc Thang Dao has stated that the acquisition of Santo Mining will be
“the foundation of [Asama`s] international plan which will include the development of a 100,000 TeraHashes datacenter in North America.”
Santo Mining, an American company based in Florida, was previously in analog mining but has now switched to being a part of the cryptocurrency sector, within cryptocurrency mining and transactions operations.
>>Is Cryptomining Paying Off for Vapor Group?
The main goal of the company “is to make mining accessible to all users regardless of age, location, investment, and technical experience.”
The share value of the company rose over 100% on Monday and has already reached a high of $0.0009 USD.
As of approximately 2:30 pm EDT on Monday, the company had a share value of $0.0007, which is up nearly 133%.
Comparatively, Santo Mining closed at $0.0003 on Wednesday, Thursday, and Friday.
Featured Image: Depositphotos/© SectoR_2010
