BTL Group Ltd., a technology company and provider of blockchain-based solutions to clients across the globe, has announced that it has successfully completed its previously announced acquisition of blockchain company, Xapcash Technologies Inc.

"The completion of this acquisition marks a strategic milestone for BTL and the addition of the Xapcash management and blockchain expertise are a perfect compliment to the BTL team”, said Guy Halford-Thompson, CEO of BTL. "The Xapcash platform will change the way consumers and businesses send money abroad, and allow BTL to penetrate the global remittance market with our blockchain solutions and start building revenues and margin."

Last month, BTL announced that it has entered into a binding letter of intent with Xapcash to complete a business combination. BTL said that it has acquired all of the issued and outstanding common shares of Xapcash in exchange for 220,000 common shares of BTL.

Founded in 2015, Xapcash is an innovative remittance company that streamlines worldwide money transfers by dramatically improving upon existing Pre and Post-Fund Remittance Models with the use of Blockchain Technologies.

The two companies have been working together on new blockchain based remittance products utilizing Xapcash's front-end remittance product and BTL's back-end remittance platform (Interbit) to transmit funds globally, efficiently and at significantly reduced costs to users. Of particular importance to the acquisition and the launch of BTL's blockchain remittance solution is the money service business (MSB) registration that Xapcash has obtained in Canada.

"BTL's acquisition of Xapcash will help build a future where smooth, secure, and efficient global money transfers are a reality for individuals and businesses worldwide," commented Jackson Warren, Xapcash founder and CEO. "I believe 2016 is the year that the world will get a real taste of what blockchain technology has to offer, and that BTL will play a significant role in leveraging this new technology to eliminate inefficiencies in remittance, gaming, and regulation."

In a separate release, BTL recently announced the appointment of Mr. Brian Hinchcliffe as Executive Chairman; Mr. Rob Suttie as Chief Financial Officer and Corporate Secretary; and Mr. John Thomson as Lead Director.