Bitcoin Shop Announces Previous Strategic Investment in Cloud Wallet Storage Service, Gem
Bitcoin Shop, Inc. (OTCQB: BTCS) ("Bitcoin Shop" or the "Company"), operator of the digital currency ecommerce marketplace www.bitcoinshop.us, today announced that BitVault, Inc., which operates the Gem platform had completed the Techcrunch disrupt competition and thereupon consented to announcement by the Company of its prior strategic investment on May 9, 2014 of $50,000.
The $2 million seed financing round was led by venture capital firms, including: First Round Capital, Tekton Ventures, RRE Ventures, MESA+, Amplify.LA, Birchmere Labs, Idealab, ECEG Partners, Baroda Ventures, Wavemaker Labs, Crypto Currency Partners, QED Associates, and James Joaquin. Bitcoin Shop was the only strategic investor that participated in the transaction.
Charles Allen, Chief Executive Officer, stated,
"Our investment in Gem is core to our strategic initiative to align ourselves with synergistic elements within the digital currency industry. Gem offers a white-label wallet, accessible through the cloud. By integrating Gem into our platform, we will be able to offer our customers a user experience with enhanced protection. This investment supports our strategy to become a universal gateway for users to access the digital currency ecosystem and its growing set of products and services. We look forward to working with Gem's CEO, Micah Winkelspecht, and his team going forward."
Further, Winkelspecht recently participated in TechCrunch's Disrupt 2014 conference, and more information can be found here: http://techcrunch.com/2014/09/08/gem-is-a-bitcoin-api-to-seamlessly-build-bitcoin-services-with-bank-grade-security/
"I want to thank Bitcoin Shop for its investment and belief in our vision for Gem and the entire digital currency industry. We look forward to integrating our technology into the Bitcoin Shop platform."
Gem (https://gem.co) is a cloud-based wallet utilizing the latest features found in t advanced Bitcoin wallets, including deterministic addresses and multi-signature transactions. The organized wallets are fully structured with accounts and payees, just like a regular bank account, but with more flexibility. With the wallet stored in the cloud, funds are available anytime, anywhere in the world. The wallets are secured with high-level encryption and protection to prevent unauthorized spending.
About Bitcoin Shop, Inc.
Bitcoin Shop, Inc. operates an ecommerce website (www.bitcoinshop.us) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 400 categories and over 140,000 items. All orders are originated by the customers through our website and are fulfilled by third party vendors. We also plan to evaluate other strategic Digital Currency opportunities as well as technologies that are complementary to our business strategy. This will include evaluating opportunities that cross market our ecommerce site, diversify our revenue streams and provide on-ramps for new users.
Bitcoin, litecoin and dogecoin are digital currencies that use peer-to-peer networks to facilitate instant payments. They are all categorized as cryptocurrencies, as they use cryptography as a security measure. Bitcoin, litecoin and dogecoin issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. 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 those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. 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.