Crypto Exchange Hobie wants to buy a public company.

Good evening. I'm Nikolish Day. You're listening to Late Confirmation from CoinDisc,

bringing you to Dob Stories from August 27, 2018.

Traditional insurers are quietly starting to work with crypto custodians.

And China is encouraging his citizens to report illegal token sales.

We'll finish up the podcast today by speaking with CoinDusk researcher Peter Ryan on how Bitcoin transaction fees have changed over time.

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Cryptexchange Hobie seeks to acquire a public firm in a $77 million deal.

The exchange may soon go public via a reverse takeover of Pantronics Holdings, which is trading on the Hong Kong Stock Exchange.

The company disclosed that it is transferring more than $221 million of its ordinary shares to the chairman of Hobie Group, Lee Lin.

Acting through several subsidiaries,

Hobie will receive 73.73% of Pentronics for almost $77 million.

A representative for Hobie refused to comment on the deal as it is still waiting for

confirmation and approval from the Hong Kong Stock Exchange. However, Pantronics has already

halted the trading of its shares on the exchange.

After the news broke, the price of the Hobie token rose by 8%, and has now seen an overall

6% rise over the past 24 hours, according to data from coin market cap.

Big traditional insurers are slowly moving towards working with cryptocurrencies.

On Tuesday, Kingdom Trust, a qualified custodian of 30 cryptocurrencies and tokens,

announced that it would provide insurance cover for theft and loss due to the natural disaster.

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