One of the UK’s leading NFT platforms, KnownOrigin, has been acquired by eBay with guidance and assistance from Ascendis’ cryptoasset specialists.
The Manchester-based crypto marketplace was launched in 2018 and became one of the first NFT (non-fungible token) art platforms to highlight and sell digital artwork.
KnownOrigin’s innovative approach allows artists to create and then display their digital artwork in an interactive gallery, helping collectors to buy and sell NFTs through transactions utilising the blockchain.
The company’s purchase by tech giant eBay will deliver significant upgrades to KnownOrigin’s platform – further improving its performance and the customer experience by offering tools that help collectors discover, sell and buy NFTs.
The Ascendis team, led by Andy Wilson and Lorenzo Coletta, assisted the founders of KnownOrigin with the complex financial due diligence involved in this transaction and tax advice tailored to the needs of the company’s shareholders.
They were part of a team of local experts, which included the corporate finance expertise of Cowgills Manchester and the legal guidance of Bermans’ corporate law team, led by Bermans’ Head of Corporate law, Jon Davage.
Speaking about Ascendis’ assistance in this international deal, Lorenzo said: “We are proud of the support offered to the team at KnownOrigin and are delighted that they have achieved a successful sale with our assistance.
“In recent years, the NFT and cryptocurrency markets have expanded at an incredible pace and KnownOrigin have been at the forefront of this sector within the UK.
“Their deal with eBay signifies a major turning point for them and further cements their position as a leader in their industry.”
In a statement on the completion of the deal, David Moore, co-founder of KnownOrigin, said: “We founded KnownOrigin to empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items,”
“As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay.
“With more than 25 years building similar communities of passionate individuals, we are excited by the opportunity to bring a whole new audience on this journey.
“This is the start of a new chapter in the KnownOrigin story, and we couldn’t choose a better time to focus on building and innovating with the team at eBay. This partnership will help us attract a new wave of NFT creators and collectors.”
This is the fifth significant exit deal for Ascendis’ fast-growth clients in as many years, as it expands its assistance to innovative firms across the North West and beyond.
To find out more about Ascendis’ expertise in cryptoassets and business sales and acquisitions, please email enquiries@ascendis.co.uk or call 0161 359 4227.
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