Business
First Bitcoin Capital Corp Acquires Control of World's First Crypto ETF Named AlphaBIT (COIN:ABC)
First Bitcoin Capital Corp Acquires Control of World's First Crypto ETF Named AlphaBIT (COIN:ABC).
About this update from First Bitcoin Capital Corp.
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / July 10, 2017 / First Bitcoin Capital Corp (OTC PINK: BITCF) today invested its primary wallet (1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS) owning dozens of cryptocurrencies into AlphaBIT in exchange for controlling interest, e.g. 200,000,000 ABCs. AlphaBIT is a closed-end crypto-exchange traded fund (CETF).This is BITCF's first venture into the Ethereum ecosystem, as ABC runs on the Ethereum blockchain.Management considers this acquisition significant for many reasons, including providing a vehicle for shareholders to transparently monitor some of the Company's assets. For example, at www.alphabitcoinfund.com, each wallet address of each asset owned that has been included in coinmarketcap.com can be seen, along with its value and the total current illiquid values of all assets owned in this manner. Also found on this site is the current Net Asset Value (NAV) of each share of the 200,000,000 ABC that BITCF owns in ABC, as well as the market value of each crypto-share of AlphaBIT.In order to capitalize on the pent-up demand for ETFs in this space, the Company has made this acquisition, the first of its kind ETF and the only vehicle that provides such an opportunity to speculators.With a total of 210,000,000 ABC current and ever to be in outstanding, AlphaBIT utilizes the newest ERC20 Standard Token Ethereum protocols, which is the same as some of the world's most popular cryptocurrencies - as a smart contract - which was generated by a Decentralized Autonomous Organization (DAO).This hybrid fund is in the process of utilizing proprietary AI robots to buy and sell many cryptocurrencies as a small part of its business model, which it hopes to increase as proven successful and greater funding allows.The Company intends to register AlphaBIT with the SEC and subsequently cause its shares to trade on a non-crypto, more traditional stock market, such as NASDAQ, NYSE, or the London Stock Exchange.About the CompanyFirst Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange - www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded...