Coin Outlet is slowly becoming a major household name in the world of Bitcoin ATM’s. Not only because of their partnership with Bitcoin Shop, Inc., but also because they have access to so many prime locations for hosting a Bitcoin ATM. Business appears to be booming, as Bitcoin Shop, Inc. increasingly acquired more equity ownership in Coin Outlet.
Bitcoin Shop, Inc – A Brief Introduction
As most of you will be well aware of, BTCS wants to build a universal digital currency platform by offering [novice] users one point of access to the cryptocurrency ecosystem. As things stand right now, BTCS lets consumers purchase products in exchange for digital currencies such as Bitcoin, Litecoin, and Dogecoin.
The service offered by BTCS is currently in Open Beta, and offers a selection of over 250,000 items that can be purchased with digital currency. With 256 participating retailers, BCTS can offer their customers a price comparison on the spot – which is a part of the company’s “Intelligent Shopping Engine”. It is important to note that all orders placed through the BTCS platform are fulfilled by third party vendors.
The Game of Equity Stocks
Coin Outlet CEO Eric Grill has diversified his stock portfolio slightly, by acquiring 701,966 shares of Bitcoin Shop, Inc.in exchange for a 2% equity ownership in Coin Outlet. These “trades” are not uncommon in the business world, as it leads to both parties being more heavily invested in the success of the other half of the equation.
“Together we are focused on driving Bitcoin and digital currency adoption through a systematic roll-out of ATMs across key cities from coast to coast. The partnership with BTCS encompasses the perfect collaboration of resources and technology.” – Eric Grill, CEO of Coin Outlet
Due to this “game of equity stocks” between Bitcoin Shop, Inc. and Coin Outlet, BTCS [Bitcoin Shop, Inc.] now owns a total of 4.2% of Coin Outlet’s equity. While that is no small number in its own right, there is a chance to see this percentage go up to as much as 11% if the previously issued option and warrant were to be exercised.
“Today we are pleased to announce our additional ownership interest in, and partnership with, Coin Outlet. Their ATMs should allow consumers to exchange fiat currency for bitcoins through one fundamental and easy-to-use transaction. Additionally, with the help of Coin Outlet, we plan to leverage their ATM network as another on-ramp to our planned universal digital currency ecosystem.” – Charles Allen, CEO of Bitcoin Shop, Inc.
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