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Foxconn Invests $18 Million in Cryptocurrency Bank

The investment in Bradmer is part of Foxconn’s broader strategy in the financial sector, a company spokesperson said. Photo: Visual China
The investment in Bradmer is part of Foxconn’s broader strategy in the financial sector, a company spokesperson said. Photo: Visual China

Taiwanese electronics giant Foxconn is investing $18 million in a cryptocurrency merchant bank being set up by a former Goldman Sachs Group Inc. partner.

Foxconn, formally known as Hon Hai Precision Industry Co., announced in a statement Tuesday night that through its venture capital arm HCM International it invested $18 million in a private placement of Bradmer Pharmaceuticals Inc., a Canadian shell company that will own the crypto bank.

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