Blockchain Tech Ltd. (TSXV: BTL) started trading on the TSX Venture Exchange as a wholly-owned subsidiary of BTL Group Ltd. under the symbol BTL, following approval of its qualifying transaction with Capital Pool Company “Northern Aspect Resources”. As part of the transaction, Northern Aspect changed its name to BTL Group and will continue the business of Blockchain.
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Blockchain was founded by Guy and Hugh Halford-Thompson, who together have more than 4 years of experience in the blockchain space, having operated a multi-national bitcoin brokerage firm, Quickbitcoin. As leading figures in the bitcoin space, they were able to bring one of the first bitcoin ATMs into London in in April 2014.
Guy Halford-Thompson, who assumed the position of CEO of BTL Group, stated: “We are proud to be one of the first blockchain companies to be listed on the TSX Venture Exchange – it is a phenomenal achievement. Critically, we believe this move further validates our assumptions for blockchain technologies, and allows us to maximize our reach, connecting with businesses across the globe.”
BTL continues to build-out Interbit, its innovative remittance platform. Using the Interbit platform, customers will be able to remit money from the United Kingdom and Canada to a number of global territories, including South America, Southeast Asia and Africa.
By leveraging new technology, Interbit aspires to be able to reduce the cost of remittance, to some countries, by more than 80%. In 2011 alone, global remittances were over US$550 billion, with remittances from the UK reaching over US$13 billion, according to the Guardian. Investing in the remittance market supports BTL’s aim of becoming a diversified and forward FinTech enterprise.
BTL previously announced the completion of a brokered and non-brokered private placement of 3.4 million subscription receipts, at $0.50 per subscription receipt for gross proceeds of $1.7 million. M Partners Inc. acted as agent for the brokered portion of the offering, which consisted of 1.4 million subscription receipts.