InoLife Technologies, Inc (OTCMKTS: INOL), which is soon to be known as Bitcoin Generation Inc, was just incorporated in December, and specializes in the development of blockchain technology application, crypto currency mining, and crypto currency trading. The company owns 21 million Bitcoin Generation Token as well as 4.5 billion Bitachon Token.
Some of those digital funds, along with company stock, is being used by the company to procure a 10-year bond from a British firm.
InoLife Technologies, Inc (OTCMKTS: INOL) announced this week that it has acquired a 20 million Euro Bond from QuickWash Bond Ltd, the USD equivalent to $24,447,200 at the time of the transaction.
The Bond was paid with the transfer of 20 million common shares of the company at a price of $0.15 for a partial payment of $3 million US, as well as 2,200,000 BCGc (Bitcoin Generation Coins.) at a price of $5.849236 for a partial payment of $12,868,320 US and 400 million BTA (Bitachon Coins) at a price of $0.0214472 for a partial payment of $8,578,880 US and for a total payment of $24,447,200 US.
The common shares transferred to the seller of the bond were an integral part of the 770,000,000 shares issued as per the tri-merger, and therefore the total common shares issued and outstanding remain at 850,537,176 common shares.
The company has transferred the coins to the bond seller and therefore the company holds a balance of 18.8 million BCGc (Bitcoin Generation Coins) and 4.1 billion BTA (Bitachon Coins). The bond purchase serves to improve the financial condition of the company, and results in establishing a floor price for its coins without any dilution to our shareholders.
“The objective is to further the use for our utility coins and provide a sustainable shareholder value derived from its value, as well as its use,” said Deniz Hadjiev, President and CEO of Bitcoin Generation Inc. “This a small step in improving the financial situation of the company as we continue to build our mining operations.” (Source: Globe Newswire)
Additionally, as we alluded to above, InoLife has begun the process to request to officially change its name to Bitcoin Generation, Inc., along with the issuance of a new symbol and a new CUSIP. The Company’s legal counsel has filed the required documentation with FINRA, so barring any holdups, the change should be taking effect at any time.
While the company does not appear to be in possession of, or in the process of mining Bitcoin (BTC) itself, Bitcoin does act as an influencer on the cryptocurrency space as a whole. Recently the currency found its way back into the $10-11,000 range. This is significant because of the consolidation after its historic run to nearly $20,000, which brought it all the way back to less than $7,000. So a recent recovery has been in effect, and the space as a whole seems to be warming.
With the funds in place to now establish a base value for its own crypto-tokens, we’ll be interested in tracking the upcoming activity in INOL, and of course, as we mentioned above, be on the lookout for the impending name and symbol change. We’ll stay up on any further developments with INOL and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free smallcap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
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 INOL stock, short or long.