In order to enhance its reach, Bitcoin Shop Inc (OTCMKTS:BTCS) has decided to acquire equity ownership in Coin Outlet. As per the reports, the company has grabbed additional 2% stake or 701,966 shares in Coin Outlet.
Insights On The Matter:
Bitcoin is on the lookout for new opportunities to grow its market share, and this step will surely have long lasting effects. The company bought additional equity ownership in Coin Outlet from its CEO Eric Grill. After this acquisition, the total equity ownership of Bitcoin has increased to 4.2%. The company has the ability to own up to 11% stake in Coin Outlet upon execution of certain options and warrants that were issued previously.
The management team of Bitcoin is delighted to announce this acquisition. According to Charles Allen, Chief Executive Officer, Bitcoin, it’s a great day for the company as it has acquired an additional equity stake in Coin Outlet. With the current step, the partnership between both the companies has strengthened. From now on, the ATMs of Coin Outlets will allow all the Bitcoin users to exchange real money for Bitcoins through easy and hassle free transaction of the company. The partnership with Coin Outlet will help Bitcoin Shop to strengthen its planned ecosystem of universally recognized digital ecosystem.
Eric Grill stated that both Coin Outlet and Bitcoin would form a strong partnership together and help each other in achieving mutual goals. The partnership between these two companies will prove to be an important step in the adoption of bitcoins in place of real money across the globe. The ATMs of Coin Outlet will make things easier for all the Bitcoin users as they will be able to exchange real money for their bitcoins.
The world is going through a transition phase; hence, the popularity of bitcoins is likely to increase in the near future. In such situation, this partnership can help both the companies touching new heights.