BTCS Acquires $2.3 Million in Financing

By Scott Fargo Apr 30, 2015 5:00 AM EST

News powered by Bitcoinist.net

Article by Nigel Dollentas

BTCS is a site offering a holistic solution to all things Bitcoin. BTCS focuses on four major objectives: spending your Bitcoin, storing your Bitcoin, mining your Bitcoin, and exchanging it at various POS terminals across the country.

Also read: Overstock Wants to Issue $500 M in Bitcoin-Like Stocks

In BTCS’ own words:

“BTCS plans to leverage its transaction verification services business while it builds a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access.  We are currently engaged in transaction verification services and operate our public beta site (www.btcs.com) where consumers can purchase products using digital currency such as Bitcoin, litecoin and dogecoin, by searching through a selection of over 250,000 items.”

Just recently, BTCS announced its attainment of $2.3 million in financing that resulted from selling 7,708,342 units, with each unit consisting of one share, as well as 1.4 warrants all for the price of $0.30. If need be, the warrants included in the stock are exercisable into an aggregate of 10,791,684 shares at a price of $0.375. If the investors ever decided to invest more into BTCS, these offers an easy way to doing so.

“On April 20 we closed a $2.3m financing at approximately a 20% premium to market.  The lead investor participated for $1m and was followed by 18 other high net worth individuals and hedge funds.  Michal Handerhan, our COO, and Charles Allen, our CEO, also participated in the offering for aggregate proceeds of $40k.  We plan to use the funds to further expand our transaction verification services business.”

Charles Allen commented regarding the investing as well as the prime opportunity BTCS is taking advantage of right now.

“We believe the sustained decline in the price of Bitcoin has created tremendous opportunities for us to expand further our business and seize opportunities created from the market downturn.  With the completion of this financing we believe we are well-positioned to be a leading bitcoin and blockchain focused company.”

Bitcoinist interviewed BTCS in the past, sitting down with Charles Allen. BTCS is a company that is always looking to improve upon their core foundation. Take, for example, the additional acquisition of Coin Outlet equity earlier this month, as well as the new servers that lead to lower costs as well as adding more hashing power.

Have you used BTCS in the past? How was it? Let us know in the comments below!


Photo Sources: BTCS Website

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