The Crypto-craze is still in full effect, and the latest company to attempt to harness its incredible forward momentum is TimefireVR Inc (OTCMKTS:TFVR), with a company direction change, complete with a new CEO who was formerly with the crypto company with the largest market cap on the OTC, BTCS Inc (OTCMKTS:BTCS).
Bitcoin thrust the crypto space into mass hysteria with its recent meteoric rise to nearly twenty thousand dollars, but it has been conflated with its own underlying technology, the blockchain. It is with that which the company will pursue its new endeavors.
TimefireVR Inc (OTCMKTS:TFVR) announced shifting its primary corporate focus towards the strategic investments in crypto currency and potential acquisitions of blockchain technology businesses. As part of the shift in strategic direction, the Company has sold its virtual reality assets and appointed Mr. Jonathan Read to serve as Chief Executive Officer, Secretary, and Treasurer of the Company. Mr. Read has been a director of the Company since August 18, 2017. Since July 14, 2017, Mr. Read has served as a member of the board of directors of BTCS Inc. (OTC Pink:BTCS), a blockchain technology focused company.
“Blockchain technology and its application of crypto currencies is an amazing enabling technology paradigm that will have a profound and disruptive impact on a host of industries,” stated Jonathan Read, Chief Executive Officer of TimefireVR. “I am incredibly proud of our accomplishments in virtual reality; however, the Board of Directors made a strategic decision, in the best interest of our shareholders, to leverage my experience in blockchain technology where I serve as a member of the board of directors of BTCS Inc. (OTC Pink:BTCS), our strategic business vision and our ability to access the capital markets immediately.”
The Company is already in discussions to evaluate specific opportunities involving blockchain technology, decentralized digital ledgers that record and enable secure peer-to-peer transactions without third party intermediaries secured by miners that use powerful computer networks to secure and verify every transaction. The Company has made initial investments in the space and is actively pursuing additional investments in crypto currency as well as one or more acquistions of blockchain technology companies.
Initially, the Company will be focused on Ethereum, a leading blockchain platform for Decentralized Applications (“DApps”), which are applications that run on a peer-to-peer network of computers instead of on one single computer or server. DApps allow developers to write smart contracts and decentralized applications where the developer chooses its own rules for ownership, transaction formats and transition functions. Multiple types of DApps are now being created by others across multiple categories, including finance, governance, community, legal, health, education and gaming.
Concurrent with this announcement, the Company announces the sale of its virtual reality assets, primarily the social media/education platform and virtual world known as “Hypatia” to a group of investors including its original founders, John Wise and Jeffrey Rassas. Consistent with this sale, the company expects to change its name following board of directors and shareholder approval.
Mr. Read concluded, “We are extremely proud of the extraordinary products produced in our VR endeavors. We wish Mr. Rassas and his team great success and continued leadership in their field.” (Source: Globe Newswire)
Like so many other companies that have recently announced their entry into the crypto space, whether it be directly Bitcoin related or not, shares of TFVR have been rising rapidly since the news broke. We’re going to want to continue to pay close attention to this stock going forward. Stay locked to Street Register for updates, and we’ll deliver important developments on TFVR as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
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 TFVR or BTCS stock, short or long.