Bitcoin Shop has moved further into new segments of the digital currency economy, rebranding as Blockchain Technology Consumer Solutions and updating its logo.
The new name is designed to reflect its broader business focus, which now includes mining and bitcoin ATM operation. It has reportedly increased its mining capacity from 66 TH/s to 176 TH/s and plans on adding another 341 TH/s over the coming weeks.
It has also received two bitcoin ATMs from Germany-based GFT GmbH, the owners of BitXatm. Recall that BitXatm previously had a deal with CryptVision to bring over a 1,000 such ATMs to the US, which eventually fell apart.
KVB PRIME Strikes UK with Influential Finance Summit SponsorshipGo to article >>
The company is publicly traded on the OTC markets under the symbol BTCS, which now also serves as the acronym for the new brand. Shares trade at $0.081 apiece, giving the company a market cap of $11.38 million.
CEO Charles Allen explained how the diversification is intended to bring more users into the digital currency economy:
“Once deployed our ATMs should allow consumers an easy way to exchange fiat currency for bitcoins. Additionally, we plan to leverage this technology and work closely with BitXatm and Coin Outlet to customize the experience and use the ATMs as an onramp to grow our customer base. This is another step towards introducing the passive user to the digital currency world through an ATM which many are already accustomed to using.”
The moves come as the company’s original core business, the bitcoin-based e-commerce solution, has yet to gain the traction originally sought. Company management reportedly elected to waive their salaries for six months as they look to reduce costs.