GlobeNewswire
Silver Spring, MD, Oct. 18, 2022 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced today a $100,000 strategic investment in GlobexUS Holdings Corp; the parent of Horizon Globex GmbH, the technology provider and joint venture partner of the Upstream exchange. Upstream, a MERJ Exchange market, is an affiliate of the World Federation of Exchanges and the first securities exchange and trading app built on Ethereum’s blockchain and operated under a securities exchange license and regulations.
BTCS’ investment in the technology provider powering Upstream’s on-chain orderbook and innovative trading app represents the Company’s strong belief in the power and enhanced use cases of blockchain technologies. We believe Upstream’s market unlocks the potential for companies like BTCS to tokenize and list their securities for trading on a next-generation exchange. Upstream should allow companies to gain direct access to a global mobile-first, crypto-savvy investor base who value a true web3 experience. Further, Upstream’s platform allows for a streamlined in-app proxy voting process as well as the ability to pay digital dividends directly to a holder’s wallet via its app, which can reduce the friction which BTCS shareholders encountered with its Bividend.
“Over the last eight years, BTCS has been on the cutting edge of U.S. public companies in the blockchain sector,” said Charles Allen, Chief Executive Officer of BTCS. “Ethereum remains core to BTCS as our largest digital asset holding for which we currently run 240 validator nodes with over 8,400 ETH staked. While Ethereum is widely known as a platform to deploy NFTs, it has much broader use cases, such as the trading of securities. As an infrastructure provider, our investment in an Ethereum-based layer 2 application not only showcases the power of blockchains but the potential of BTCS’ future. As the first U.S. publicly listed company to issue a dividend payable in Bitcoin earlier in 2022 (the “Bividend”), potential tokenization and dual listing of our shares on Upstream’s platform would highlight our further utilization of disruptive blockchain capabilities that support our belief in the fast-growing industry,” continued Allen.
While businesses such as the New York Stock Exchange are built using technology like Linux, Upstream is developed on Ethereum’s blockchain, the world’s second-largest blockchain network secured by more than 400,000 validators worldwide, including BTCS. “Unlike traditional markets, which are plagued by naked shorting, securities lending, phantom shares, and a whole host of other issues, these practices can be eliminated with a blockchain-based market in which settlement and transaction occur simultaneously,” said Michael Prevoznik, Chief Financial Officer of BTCS.
About BTCS
BTCS is an early mover in the blockchain and digital asset ecosystem and the first “Pure Play” U.S. publicly traded company focused on blockchain infrastructure and technology. Through its blockchain infrastructure operations, the Company secures Proof-f-Stake blockchains by actively validating blockchain transactions and is rewarded with native digital tokens. The Company is developing a proprietary Staking-as-a-Service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform, which it plans to integrate with its Digital Asset Dashboard, now in beta release. BTCS’ proprietary Digital Asset Platform currently supports six exchanges and over 800 digital assets, and the Company plans to further broaden its suite of performance-tracking tools, add additional centralized and decentralized exchanges, as well as wallets, and stake pool monitoring. For more information visit: www.btcs.com.
About Upstream
Upstream, a MERJ Exchange Market (https://merj.exchange), is a fully regulated global stock exchange for digital securities and NFTs. Powered by Horizon’s Ethereum-L2 matching engine technology, the platform enables users to trade NFTs, and invest in securities for IPOs, crowdfunded companies, U.S. & international equities, and celebrity ventures using the Upstream app. For more information, please visit https://upstream.exchange.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding the potential Upstream brings companies like BTCS, a potential dual listing of BTCS shares on Upstream and the benefits to shareholders brought by the Upstream platform. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, unanticipated issues with Upstream, regulatory issues, acceptance of the new platform by investors as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2021. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events, or otherwise, except as required by law.
Public Relations:
source: https://www.morningstar.com/news/globe-newswire/8667313/btcs-inc-announces-strategic-investment-in-the-operator-of-upstream-a-securities-exchange-built-on-ethereums-blockchain
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