ORLANDO, Fla., March 30, 2015 (GLOBE NEWSWIRE) -- RedChip Companies, Inc., today announced it has issued a research profile on Bitcoin Shop Inc. (OTCQB:BTCS), a company that 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.
Highlights of the report include:
BTCS is attempting to create a universal digital currency platform with one point of access; majority of digital currency competitors focus on one product inside the ecosystem. BTCS's business strategy, in a nutshell, is to create its own digital currency platform which allows consumers to access bitcoin through one point of access, as opposed to the vast majority of current bitcoin technology, which are single solution providers. Allowing an individual to access the bitcoin ecosystem through one access point would help make bitcoin more widely adopted, particularly among individuals that are less technologically savvy.
BTCS has developed a series of strategic partnerships and investments to develop this ecosystem:
Wallet: Syndicate investor in Gem, which is developing a secure, cloud wallet storage technology
ATM: Lead investor in the seed round in Coin Outlet, a digital currency ATM manufacturer
Financial services: Lead investor in the bridge round in Expresscoin, a digital currency exchange with multiple payment options
Payment processor: Lead investor in the Series A financing for GoCoin, a leading international digital currency payment platform
Revenue currently generated through transaction verification services business, or digital currency mining. BTCS is currently generating revenue through its transaction verification services business. The Company recently obtained an 83,000 square foot facility in which to expand its transaction verification operations. BTCS also purchased additional servers from Spondoolies Tech Ltd., which has brought its total hash rate to 891 TH/s. The hash rate is the measuring unit of the processing power of the bitcoin network, and 1 TH is equivalent to 1,000,000,000,000 hashes per second. With minimal improvements, the Company's new facility is expected to be able to house up to 40,000 TH/s of transaction verification hardware. BTCS believes that its current capabilities give it the ability to earn at least 350 bitcoins in 1Q15, or $77,000 at today's bitcoin to dollar exchange rate. BTCS plans to expand its capacity beyond 10,000 TH/s and 10 megawatts, indicating that revenue from its transaction verification services business should increase significantly in the coming months.
BTCS owns two bitcoin ATMs; plan to grow this business in conjunction with its partner Coin Outlet (BTCS is the lead investor in Coin Outlet). BTCS currently owns two BitXatms, which it plans to deploy and have operated by its partner Coin Outlet. BTCS is the lead investor in Coin Outlet and has the option to own up to 11.4% of Coin Outlet at a $6 million dollar valuation. Coin Outlet currently has 10 digital currency ATMs (9 in the U.S., 1 in Europe) in service and plans to expand to over 150 ATMs in 2015, which are to be located in high profile locations.
In our view, the value of an ATM network will become clearer over time, as the actual network of Bitcoin ATMs increases. If Bitcoin ATMs become a more common occurrence throughout the world, it could encourage more people to use bitcoin or other digital currencies, making the entire bitcoin network/ecosystem more valuable.
To receive a complimentary copy of the full RedChip Research Report for BTCS, please visit: http://www.redchip.com/assets/reports/BTCS_ResearchProfile_20150323.pdf
About RedChip Companies, Inc.
RedChip Companies, an Inc. 5000 company, is an international small-cap research, investor relations, and media company headquartered in Orlando, Florida; with affiliate offices in San Francisco, Pittsburgh, and Seoul. RedChip delivers concrete, measurable results for its clients through its extensive global network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research™, Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, Virtual Conferences, "The RedChip Money Report: Small Stocks Big Money"™ television show, Shareholder Intelligence, Strategic Marketing, Crisis Management, Social Media and Blogging Services, and Webcasts. To learn more about RedChip's products and services, please visit:
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