Bitcoin Shop Inc (OTCMKTS:BTCS) operates the website btcs.com where consumers can purchase products using several digital currencies, by searching through a selection of over 2,000,000 items from 85 retailers (“Beta”), as well as their legacy site at legacy.bitcoinshop.us.
Recently, BTCS has been making big market moves. It has made several important acquisitions and investments in recent months to drive future growth, for what seem to be very smart investments; BTCS was one of just four investors in GoCoin Series almost a year ago. Since then PayPal partnered with GoCoin in what is assumed to be their upcoming bitcoin integration.
In October of last year, BTCS made a strategic investment in Coin Outlet, Inc. which plans to establish and operate a worldwide bitcoin ‘ATM’ kiosk network.
Bitcoin Shop. Coin Outlet recently partnered with Locant Services who holds the exclusive rights to locate equipment such as bitcoin ATMs at over 100,000 high traffic locations across the United States and in an imminent expansion to Europe.
BTCS CEO Charles Allen declared,
“WE ARE PLEASED TO ANNOUNCE OUR ADDITIONAL OWNERSHIP INTEREST IN, AND PARTNERSHIP WITH, COIN OUTLET. THEIR ATMS SHOULD ALLOW CONSUMERS TO EXCHANGE FIAT CURRENCY FOR BITCOINS THROUGH ONE FUNDAMENTAL AND EASY-TO-USE TRANSACTION. ADDITIONALLY, WITH THE HELP OF COIN OUTLET, WE PLAN TO LEVERAGE THEIR ATM NETWORK AS ANOTHER ON-RAMP TO OUR PLANNED UNIVERSAL DIGITAL CURRENCY ECOSYSTEM.”
On March 26 BTCS announced it has acquired an additional 2% equity ownership in Coin Outlet from Eric Grill, Coin Outlet’s CEO, for 701,966 shares of the Company’s common stock. BTCS now owns approximately 4.2% of Coin Outlet’s equity and has the ability to own up to 11% upon exercise of its previously issued option and warrant.
BTCS it is also in the process of acquiring LibertyX’s ATM network. The four LibertyX machines will be rebranded as Coin Outlet ATMs but will still remain in their existing locations.
BTCS seems to be making all the right moves with an aggressive business plan and rapid expansion in a fast growing industry; currently trading at a $31 million market valuation BTCS the Company’s balance sheet has improved significantly with over $100,000 in cash and over $200,000 in digital currencies on the books. With these aggressive moves, the company is surely planning to take a lead on the Bitcoin ATM scene.
Recently, a lot of investment has been driven to bitcoin companies and the market is growing as it is expanding by the day. The bitcoin industry continues to display major momentum with an increasing number of bitcoin related startups opening its doors and offering a lot of jobs. This is attracting a lot of interest from new investors from all financial sectors who don’t want to miss to take a slice from this new industry.
What do you think this can do for the bitcoin economy? Let us know on the comment section bellow!