Jul 14, 2014 at 15:25 UTCUpdated Sep 10, 2014 at 10:32 UTC. Digital currency-only online retail outlet Bitcoin Shop has announced a $150,000 investment in cryptocurrency-buying service expresscoin.
With the announcement, expresscoin will integrate its services with Bitcoin Shop to provide more ways for the website's e-commerce consumers to obtain digital currency.
Expresscoin currently sells bitcoin, litecoin, dogecoin, blackcoin and darkcoin, while Bitcoin Shop accepts bitcoin, litecoin and dogecoin.
Bitcoin Shop further indicated that the investment comes in the form of a $150,000 promissory note that values expresscoin at $9m using a pre-money valuation.
The note also gives Bitcoin Shop the option to invest an additional $1m in expresscoin before 24th October of this year.
Bitcoin Shop provided additional details about how such an investment could be carried out, suggesting that such a transaction could take place in bitcoin.
Bitcoin Shop estimates its investment provides the company with a 2% stake in expresscoin at its current valuation.
While providing a new way for expresscoin to reach consumers, Bitcoin Shop suggested the move will have benefits for, not only its customers, but its shareholders too.
The company said: "By investing in ET, Bitcoin Shop not only continues to enhance their service offerings, but also adds a key differentiation strategy for their shareholders by providing indirect exposure to other key service providers in the cryptocurrency industry".
Bitcoin Shop CEO Charles Allen will speak at the North American Bitcoin Conference in Chicago this weekend.
Expresscoin Raises $150k in Funding from Bitcoin Shop
gepubliceerd op Jul 14, 2014
by Coindesk | gepubliceerd op Coinage
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