Bitcoin Shop Inc (OTCMKTS:BTCS) said that it has bought an additional 2% equity rights in Coin Outlet from its CEO Eric Grill, for 701,966 shares of its common stock. The company now possesses close to 4.2% of Coin Outlet’s equity.
The significance
Charles Allen, the CEO said that the company is delighted to announce additional ownership interest in, and association with, Coin Outlet. The consumers can use their ATMS to exchange fiat currency for Bitcoins. It is possible on just one fundamental and easy-to-use transaction. Also, with the new partnership, the company intends to leverage their ATM network as another way to implement planned universal digital currency ecosystem.
The management view
Grill said that Bitcoin Shop and Coin Outlet together are focused on driving digital currency and Bitcoin adoption through a planned roll out of ATMs in major cities from coast to coast. The association with Bitcoin Shop includes the perfect collaboration of technology and resources.
Transaction verification services
In unrelated news, Bitcoin Shop Inc (OTCMKTS:BTCS) said that it installed transaction verification servers in its new bitcoin facility. The servers will lessen the operating costs by as much as 30%. The new servers highlight a 10% increment in hashing power against previous levels. The company is now controlling transaction verification servers’ arrangement with hashing power of almost 900 Th/s. The power is expected to increase to 80 Th/s in a few days. The pictures of new facility are available on the company’s social media page.
The venture
Allen said that Bitcoin Shop made a well-planned entry into the transaction verifications services division. With the installation of servers, the transition works comes to an end. The company wants to focus on transaction verifications services segment and believe it to convert into the key revenue driver for business. On Friday’s trading session BTCS stock opened negative to flat, trading at $0.220.
