BTCS Provides Mining Update, Receives Two Digital Currency ATMs and Introduces New Logo to Reflect Universal Strategy
Bitcoin Shop, Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), the operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, announced today that, the Company has increased its mining capacity, received two digital currency ATMs and changed its logo.
The Company has increased its digital currency mining efforts and currently has 176 Th/s running and anticipates having an additional 341 Th/s running in 1-2 weeks, a 5x increase over our initial starting capacity of 66 Th/s.
BTCS has received two bitcoin automated teller machines ("ATMs") from GFT GmbH, the owners of BitXatm, making BTCS the first U.S. company to receive such ATMs. BTCS plans to work with Coin Outlet to operate our ATMs.
Charles Allen, stated,
"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."
Lastly Charles Allen, stated,
"We have changed our Company logo to better reflect what we've been building for the last year; a universal digital currency ecosystem. Blockchain Technology Consumer Solutions i.e. BTCS, which is our web domain and our stock ticker symbol."
BTCS plans to build a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 250,000 items. We provide our customers competitive pricing options from 256 retailers through our "Intelligent Shopping Engine". All ecommerce customer orders are fulfilled by third party vendors. We plan to use our ecommerce platform as a customer on-ramp for a broader digital currency platform. We have been actively partnering with strategic digital currency companies who have technologies, services or products that are complementary to our business strategy by making investments in them and integrating with them.
Digital currencies use peer-to-peer networks to facilitate instant payments. They are categorized as cryptocurrencies, as they use cryptography as a security measure. Digital currency issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.
http://www.bitcoinshop.us/ and http://www.btcs.com/
Forward Looking Statements:
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.