500.com acquires shares in Loto Interactive

500.com is transforming from an online lottery company into a cryptocurrency mining enterprise.
500.com is transforming from an online lottery company into a cryptocurrency mining enterprise.

500.com Limited has announced the completion of its acquisition of a stake in Loto Interactive for HK$105m ($13.5m).

China.- The Chinese sports lottery services provider 500.com has announced that it has completed its previously announced subscription for 169,354,839 shares of Loto Interactive Limited.

The company now owns 54.3 per cent of Loto Interactive, which provides lottery-related services and data analysis and storage services.

In December, 500.com announced its entry into the cryptocurrency sector starting a transformation from online lottery company into a cryptocurrency mining enterprise.

The company also confirmed the acquisition of bitcoin mining machines from the US in exchange for an aggregate of 11,882,860 newly issued Class A ordinary shares valued at US$1.21 per share.

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500.com CRYPTOCURRENCIES lottery