Canadian cryptocurrency mining company HashChain Technology Inc. has announced that it has acquired blockchain technology company NODE40.

Hashchain said that the acquisition marks its initial move to diversify its cryptocurrency mining strategy with blockchain based solutions.

"Cryptocurrency mining remains an important focus for HashChain, as we continue to acquire more Rigs and generate revenue,” said Patrick Gray, CEO and Founder of HashChain. “The acquisition of the NODE40 Business is an important next step of creating a global blockchain technology company,".

According to the purchase agreement, HashChain has acquired the NODE40 Business for a purchase price comprised of US$8,000,000 in cash, payable as to US$4,000,000 at closing (subject to a closing adjustment provision), and US$2,000,000 on each of 180 days and one year following the closing date, and a total of 3,144,134 common shares in the capital of HashChain.

NODE40's business comprises two major segments:

• NODE40 Balance – a cryptocurrency reporting software that integrates directly with certain major cryptocurrency exchanges.
• Masternode hosting – NODE40 provides Dash masternode hosting services. It frees cryptocurrency investors from the technical hurdles and time investment needed to run Dash masternodes.

"Cryptocurrency accounting and reporting for tax purposes is a major concern in the industry at the moment. The recent Coinbase subpoena from the IRS highlights the significant need for the software developed by NODE40,” Gray added.