- Bitcoin Well (BTCW) has announced C$5M in secured convertible debt financing
- The company intends to use the funds for user acquisition and general working capital
- It will also offer users the ability to buy, sell and use Bitcoin online with self-custodied blockchain technology and through a proprietary mobile app
- Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use Bitcoin
- Bitcoin Well (BTCW) ended the week up 12.50 per cent at $0.18 per share
Bitcoin Well (BTCW) has announced C$5M in secured convertible debt financing.
It will issue the debt in up to three tranches.
The company issued the first $1.5M tranche to Beyond The Rhode Corp. on February 23, 2022.
It may issue the second $2M tranche before March 31, 2022, and the third $1.5M tranche on or before June 30, 2022.
The debt is convertible into shares priced at $0.30, bears interest at 10 per cent per year, and matures on February 23, 2025. The company can force conversion if its shares trade at or above $0.60 for ten consecutive days.
The debt also provides for the payment of a monthly royalty to the holder between 12-20 per cent of gross profit.
Bitcoin Well intends to use the funds for user acquisition, general working capital, and to offer users the ability to buy, sell and use Bitcoin online with self-custodied blockchain technology and through a proprietary mobile app.
The app, known as Well Wallet, will provide modern banking features for Bitcoin.
“Creating a seamless customer experience to not only buy and sell, but use Bitcoin in a safe and convenient way, will scale globally, and is necessary to realize our vision of a financially sovereign world,” stated Adam O’Brien, Founder and CEO of Bitcoin Well. “We are essentially building a product that looks and feels like a bank account, but gives users full control of their money with Bitcoin technology.”
Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use Bitcoin.
Bitcoin Well (BTCW) ended the week up 12.50 per cent at $0.18 per share.
