Bitcoin Shop gets into ATM business, invests 50k in Coin Outlet with option for another 100k
Coin Outlet is a bitcoin ATM provider which plans on installing units in Los Angeles, Chicago, Dallas, Boston, San Diego, and Berkeley. The company plans on installing 30 nationwide by the end of this year.
For Bitcoin Shop, the investment further signals its intent on diversifying into the bitcoin economy. Less than a week ago, the e-commerce company got into the mining business through its partnership with Hashmaster. Mining is one area that bitcoin businesses such as exchanges have been diversifying into. ATMs are the other, especially for companies whose exchange operations can synergize with activity on the ATM network. For Bitcoin Shop, however, it would appear that these new ventures will operate independently of their e-commerce business. Said Bitcoin Shop CEO Charles Allen:
"The bitcoin ecosystem is comprised of a few key areas, mining, wallets, exchanges, payment processors and ATMs/financial services. Over this past year we have made several investments and partnerships throughout these key segments of the industry in an effort to lay the foundation for our universal digital currency ecosystem...Additionally, with the help of Coin Outlet we plan to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term their ATM network as another on-ramp to our planned universal digital currency ecosystem."
As part of the deal, Bitcoin Shop has the option to make another $100,000 investment by January 15, 2015. They also have the option of exchanging 3.5 million newly issued shares for 75,448 shares from Eric Grill, Coin Outlet's founder.
Coin Outlet is a bitcoin ATM provider which plans on installing units in Los Angeles, Chicago, Dallas, Boston, San Diego, and Berkeley. The company plans on installing 30 nationwide by the end of this year.
For Bitcoin Shop, the investment further signals its intent on diversifying into the bitcoin economy. Less than a week ago, the e-commerce company got into the mining business through its partnership with Hashmaster. Mining is one area that bitcoin businesses such as exchanges have been diversifying into. ATMs are the other, especially for companies whose exchange operations can synergize with activity on the ATM network. For Bitcoin Shop, however, it would appear that these new ventures will operate independently of their e-commerce business. Said Bitcoin Shop CEO Charles Allen:
"The bitcoin ecosystem is comprised of a few key areas, mining, wallets, exchanges, payment processors and ATMs/financial services. Over this past year we have made several investments and partnerships throughout these key segments of the industry in an effort to lay the foundation for our universal digital currency ecosystem...Additionally, with the help of Coin Outlet we plan to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term their ATM network as another on-ramp to our planned universal digital currency ecosystem."
As part of the deal, Bitcoin Shop has the option to make another $100,000 investment by January 15, 2015. They also have the option of exchanging 3.5 million newly issued shares for 75,448 shares from Eric Grill, Coin Outlet's founder.