FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF) shares have been up over 700% in a one-month period recently, and this could be attributed to the company becoming debt free. Not only that, but the First Bitcoin Capital also launched its first Initial Coin Offering. Before we delve into this next, you’ll need some background on the company, first.
First Bitcoin Capital is primarily engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange, www.CoinQX.com. First Bitcoin Capital is the first vertically integrated, publicly-traded Bitcoin entity that operates in the crypto-currency space. Now, the company aims to vertically consolidate each and every segment of the digital currency industry, in an attempt to fuel the industry growth. According to the company, it plans to operate in various segments, such as coinqx.com, providing liquidity to global digital currency exchanges, research and development, mining and hardware, and developing various platforms for companies that would exclusively accept Bitcoin for their products and services.
That in mind, FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF) could provide exposure to crypto-currencies, such as Bitcoin, without the need to invest in Bitcoin. Let’s get into some company news now. First Bitcoin Capital, in a related party transaction, paid off around $200K in debt. Now, the company utilized Bitcoin Unlimited Futures to do so, and it has become debt free.
First Bitcoin Capital created Bitcoin Unlimited Futures, and it “rides on the rails of the Bitcoin Blockchain.” The company released Bitcoin Unlimited Futures to allow speculators to attempt to predict the outcome of the hard ford of Bitcoin Core into two distinct assets: Bitcoin Unlimited Futures which would trade under XBU on the decentralized OMNIDEX and its subsidiary company COINQX.com, and XB on the CCEX.com exchanges.
According to the company, “Becoming debt free not only strengthens our balance sheet but is an important milestone for a development stage company which positions the company for a more rapid path to profitability.”
With the company becoming debt free, First Bitcoin Capital could now focus on growing its business and tap into various parts of the digital currency industry, which could potentially grow its revenues and earnings.
This wasn’t the only catalyst the company had recently. First Bitcoin Capital’s COINQX provided some clarity, regarding its AltCoin Initial Coin Offering (ICO) active crowdsale.
According to the company, “Altcoin (ALT) gives you the joint benefits of open blockchain technology while speculating on the booming cryptocurrency markets by ALT being aptly named for best branding to capture maximum market share. ALT FAQ
Altcoin (ALT) gives you exposure to the picks-and-shovels side of the Initial Coin Offering business. Behind a growing rate of multi-million dollar fundraises, there is the promotional and informational sales process that earns part of the proceeds. The demand for advertising from a new competitor in the market cap. Listing space will be channeled through ALT coin.”
Moreover, the First Bitcoin Capital stated, “The timing of our first ICO precedes the new game changing events in Japan. Bitcoin has now gained the recognition of a mainstream currency along the lines of the world’s fiat currencies. The historic event follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on the first day of April 2017. ‘The new law defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency. Bitcoin will continue to be treated as an asset unless there are future revisions or directives to Japanese tax law.’”
Now, the company concluded, “With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.”
With increasing demand for crypto-currencies, and the growth of the industry, BITCF could continue its extent, higher. That in mind, these two catalysts have sent shares up significantly, and you might not want to miss out on any developments in BITCF. All you have to do to stay up to date on BITCF is simply enter your email address below, and you’ll be subscribed to our free newsletter. In turn, we could provide you with updates, if any, on BITCF.
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in BITCF stock, short or long.