BTCS Expands Business Model with Development of Digital Asset Data Analytics Platform
Silver Spring, MD, Feb. 03, 2020 (GLOBE NEWSWIRE) -- BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, is expanding its business model with the development of a consumer-facing digital-asset data analytics platform that enables users to connect multiple digital asset exchanges and wallets to aggregate portfolio holdings into a single seamless platform to view and analyse performance, risk metrics, and potential tax implications. The initial beta launch of the platform is expected in the second half of 2020.
There are currently more than 250 digital asset exchanges globally and 27 in the US, the majority of which lack detailed performance metrics. Further complicating performance tracking for digital asset participants is the fact that many participants hold assets on multiple exchanges. BTCS’s analytics platform is being designed and built to provide a solution to this growing problem, allowing users to aggregate data related to their holdings in near real-time in a single view combined with a robust suite of tools for performance tracking.
“The digital asset market now records more than $37 billion of transactions daily,” stated Charles Allen, CEO of BTCS. “We believe the market has matured to a point that warrants and supports a more sophisticated method of tracking holdings and performance, and our first-of-its-kind platform is being designed to serve this unmet need.”
BTCS began development of its digital asset data analytics platform in mid-2019 and expects to open the platform in the second quarter of 2020 to invitation-only beta testing, with the goal of full commercial beta release by year-end 2020.
In addition to performance metrics and aggregation of digital asset holdings data derived from read-only API calls to connected exchanges or tied to blockchain wallet addresses, BTCS’s innovative platform solution is being designed with a community focus that will allow users to share their trade history with other platform users. Community participants will be able to choose to provide their performance and trade data to other users for free or share on a user-selected subscription-fee basis. Longer-term plans include BTCS taking a percentage, yet-to-be-determined, of this fee, generating a new revenue stream for the Company.
“Our team has more than six-years of industry experience,” continued Allen. “We believe we have the necessary expertise and resources to complete development of the platform with minimal additional financial commitments while we continue to execute on other core business objectives.”
BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. BTCS plans to acquire additional Digital Assets to provide investors with indirect ownership of Digital Assets that are not securities, such as bitcoin and ether. We intend to acquire Digital Assets through open market purchases. Additionally, if an acceptable return on investment exists, we may acquire Digital Assets by resuming our mining operations through outsourced data centers and earning rewards in Digital Assets by securing their respective blockchains. We are not limiting our assets to a single type of Digital Asset and may purchase a variety of Digital Assets that appear to benefit our shareholders, subject to the limitations of the Investment Company Act of 1940. We are also internally developing a digital asset data analytics platform. The Company is also seeking to acquire controlling interests in businesses in the blockchain industry. For more information visit: www.btcs.com
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding our ability to execute our business plan, our intention to acquire Digital Assets and acquiring controlling interests in businesses in the blockchain industry, and expectations on timing of opening up and commercializing our digital asset data analytics platform. 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. 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.
Investor Relations:Michal HanderhanBTCS Inc.(202) 430-6576 IR@btcs.com