TechFlow news, October 23 — According to GLOBE NEWSWIRE, Nasdaq-listed FG Nexus Inc. (FGNX) announced the sale of a majority stake in its FG Reinsurance Division to Devondale Holdings LLC, led by industry veteran Tom Heise.
Under the terms of the transaction, FG Nexus will receive approximately $3 million in cash, $1.25 million in notes, and 40% equity ownership in Devondale. The deal is intended to allow FG Nexus to focus on its Ethereum asset accumulation strategy and strengthen its goal of becoming the world's largest corporate holder of ETH.
Kyle Cerminara, CEO of FG Nexus, said the sale will further strengthen the company's ETH asset strategy, while Devondale will operate independently under the leadership of Tom Heise, planning to leverage blockchain technology to advance reinsurance tokenization and enhance liquidity and transparency.
