PARIS, FRANCE: Crypto Blockchain Industries (CBI) has signed an agreement to acquire Golive Entertainment Holding owner of Xave, a blockchain technology company based in Barcelona and Argentina which has been developing Xave World, a metaverse dedicated to music. The opening of the Xave world is scheduled for fall 2023.
Featuring its own cryptocurrency (Xave Coin) and marketplace (Xave Market), the Xave World metaverse aims to provide a range of entertainment and concert experiences, creative tools and various NFT around music and artists.
This acquisition will strengthen Crypto Blockchain Industries strategy in the world of music, already illustrated by the United at Home and Rave Age universes. With this acquisition, Xave will become part of the AlphaVerse, which interconnects a variety of experiences around music.
CBI’s goal is to offer all AlphaVerse users the opportunity to enjoy the shows and proposals of creators and artists launched by Xave. With music as a development axis, AlphaVerse aims to establish a dynamic approach through engagement and sharing between the different universes connected to the AlphaVerse hub.
Xave World Metaverse leverages blockchain to create innovative experiences around music and is developing its own NFT marketplace, Xave Market, which will function as a digital store specializing in the sale of NFTs. Xave World Metaverse has a decentralized economy using its own cryptocurrency: Xave Coin.
The acquisition of Xave is made through the acquisition of 100% of the shares of Golive Entertainment Holding España, SL (Golive), a Spanish company that owns all the rights and business of Xave, including the Xave brand. After the signing, the Golive teams will remain the same and will be integrated into CBI.
The transaction involves the purchase of 100% of Golive for a price of €1,000,000, of which €900,000 paid in CBI shares to be issued, valued at €1.0 each, and €100,000 paid in stablecoins.
No later than May 31, 2023, Xave will have the option to exchange a portion of CBI’s shares for cash generated by the company. In addition, CBI will pay a supplement to the sellers. This additional price is conditioned by the future profitability of the Xave universe, with a formula that allows Crypto Blockchain Industries (CBI) to recover its investment before making any payment. The Xave team will also be rewarded based on the level of profitability of the Xave business.
Upon completion of the transaction, Crypto Blockchain Industries (CBI) will receive 3,250,000,000 Xave Coins. This corresponds to 65% of the total tokens issued, with the remainder either allocated to the team with lockup provisions or sold through private and public sales.
It is recalled that the transaction initially provided for the purchase of the company and the IT development activities for $2,000,000, with payment in shares and cash and earn-out clauses. After analysis, the IT developments being now supported and financed by CBI, the parties have decided to terminate and revise the initial transaction as indicated above.