BTCS, Inc. (also called Bitcoin Shop, Inc.) is a publicly traded company based in the US, whose stated line of business is development of applications related to blockchain databases and digital currencies.
In April 2015, according to company releases, its shares were valued at 0.30 USD or more. In July 2016, the price had dropped to 0.001 USD. In August 2017 It was reported that BTCS has signed a non-binding letter of intent with Blockchain Global Limited.
On 28 April 2015 BTCS announced that it signed a letter of intent (LOI) to a merge with Spondoolies Tech, an Israeli mining hardware manufacturer. The merger initiative came only two weeks after BTCS closed financing of US$2.3 million, where it sold 7,708,342 units of shares to two hedge fund managers who have chosen to remain anonymous, along with and 17 other investors. On 19 May 2015 BTCS announced it had invested US$1.5M into Israeli digital currency server manufacturer Spondoolies-Tech, as the first step of their planned merger.. As of 4 May 2016, Spondoolies-tech ceased operations and the planned merger with BTCS did not go through. On 21 August 2017, BTCS Inc. issued a press release regarding a non-binding letter of intent to merge with Australian company Blockchain Global Limited.
On 1 February 2018, BTCS Inc. notified Blockchain Global Ltd. that BTCS was terminating the planned merger due to delays in Blockchain Global's delivery of financial statements necessary for SEC approval of a merger.
The January 2018 form S-1/A BTCS SEC filing states that, "We anticipate that we will incur operating losses for the foreseeable future. Our cash burn rate is approximately $80,000 per month. As of January 16, 2018, we had $231,000 in available cash and approximately $620,587 of Digital Assets. The price of the Digital Assets [bitcoins] are subject to wide fluctuations. Our available cash and Digital Assets as of the date of this prospectus are expected to be only sufficient to last through December 2018 . We require additional funds for our anticipated operations. If we are not successful in securing additional financing, we may be required to delay significantly, reduce the scope of or eliminate our business activities, downsize our general and administrative infrastructure, or seek alternative measures to avoid bankruptcy."
A 4 January 2018 article from Emerging Growth said that, "BTCS invested in a North Carolina mining facility and a 200 ton cooling system. However, BTCS CEO, Charles Allen, admits in company reports that the cooling system refused to cooperate in 2016. Moreover, there was a burglary at the North Carolina facility [in which 165 mining computers were stolen]. The company has since discontinued mining."
Video BTCS (company)
Services
According to company material, their services and products could possibly include:
- A low-cost bitcoin transaction verification (bitcoin mining) services business. In January 2015, BTCS announced finalizing a two-year lease for an 83,000 square foot facility.
- An e-commerce marketplace accepting bitcoin, litecoin, dogecoin, and other cryptocurrencies. In its beta version, the marketplace claimed to offer over 250,000 curated products, featuring a so-called "Intelligent Shopping Engine" to find competitive prices on products from over 250 retailers.
- A bitcoin wallet that uses 2-of-3 cryptographic multisignatures to securely store the user's bitcoin keys. The wallet is built on BitVault's Gem's technology and operates in cooperation with Authy, a provider of two-factor authentication. A beta version was claimed to be available, by invitation only.
Maps BTCS (company)
See also
- Decentralized autonomous organization
References
External links
- Official website
- BTCS companies grouped at OpenCorporates
Source of article : Wikipedia
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