Sept 30 (Reuters) -

Investment firm Linqto has terminated its $700-million deal

to go public by merging with Blockchain Coinvestors Acquisition

Corp, the blank-check company said on Monday.

In April, the investment platform Linqto had agreed to go

public through a merger with Blockchain Coinvestors Acquisition.

On September 26, Linqto delivered a notice of termination of

the Business Combination Agreement to Blockchain Coinvestors,

effective the same day, the statement said.

SPACs, which boomed in 2020, have been struggling since the

past couple of years as the market for blank check companies has

soured due to poor financial performance and a regulatory

crackdown by the U.S. Securities and Exchange Commission.

San Jose, California-based Linqto, which has more than

750,000 users in 110 countries, allows users to make investments

in unicorns - startups valued at over $1 billion - and other

private companies.

As part of the deal's termination, Linqto will pay a $5

million termination fee to Blockchain Coinvestors, according to

the statement.