BTCS Inc. Announces Strategic Investment in the Operator of Upstream, a Securities Exchange Built on Ethereum’s Blockchain
October 18 2022 - 8:35AM
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 BTCSBTCS 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 UpstreamUpstream, 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.
Contact information:
Investor RelationsAdele Carey,
VP of Investor Relationsa.carey@btcs.com
Public Relations:
Mercy Chikoworem.chikowore@btcs.com
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