17 Dec 2013 / WSJ – Vancouver, British Columbia, – GreenBank Capital (CNSX:GBC) has launched two new subsidiaries, designed to invest in Bitcoin and Bitcoin startups. GreenBank believes it is the first public company to establish a presence in Bitcoin.
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Bitcoin, a digital cryptocurrency, is created and held electronically. Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network.
Bitcoin Canada Investments Inc. will invest exclusively in Bitcoin currency. The second subsidiary, Bitcoin Angel Capital Inc., will invest in early stage Bitcoin and other cryptocurrency focused companies.
Danny Wettreich, CEO stated, “I believe that Bitcoin is in the early stages of becoming a revolutionary payment medium, and GreenBank intends to be actively involved as a Bitcoin incubator and investor.”
To facilitate these new ventures, Mr. Wettreich intends to raise up to $5 million by way of a private placement of debentures with accredited investors. These debentures will be convertible into 90% of the common shares of Bitcoin Canada and Bitcoin Angel. GreenBank has entered into management agreements with both companies to manage the Bitcoin investment portfolio for a fee equal to 10% of the portfolio appreciation.
Management plans to ultimately spin off a portion of both these companies to GreenBank shareholders and apply to list the new entities on the Canadian National Stock Exchange…… Read more
http://online.wsj.com/article/HUG1749964.html?dsk=y
