• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Fintech.ca

Your Source for Canadian Fintech News

 
 
 
 
  • News
  • Interviews
  • Thought Leaders
  • Jobs
  • About

Bitcoin Well Raises $5 Million For Next Phase of Bitcoin Ecosystem

February 24, 2022 by Fintech Newsdesk Leave a Comment

Edmonton’s Bitcoin Well (TSXV: BTCW) has raised $5 million for the enhancement of the their existing online product, user acquisition and general working capital.

The Bitcoin Well ecosystem of products and services offers users the ability to buy, sell and use bitcoin online with self-custodied blockchain technology and through a proprietary mobile app, the Rise Wallet.

Soon to be rebranded as Well Wallet, Bitcoin Well plans to integrate various payment rails into the app to give users a simple and trusted platform to buy and sell bitcoin, alongside features they are used to having available on their modern banking apps.

“The industry is missing a coherent account system that allows customers to interact with bitcoin like they do with dollars,” said Adam O’Brien, Founder & CEO of Bitcoin Well.

RELATED: Take Control of Your Crypto: Bitcoin Well CEO Shares Safety Tips 

“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. 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.”

The funds were raised via convertible debenture at a conversion price of $0.30 and will be issued in up to three tranches.

The first tranche in the principal amount of $1.5 million was issued to Beyond The Rhode Corp. (BTR) on February 23, 2022. At the option of Bitcoin Well, the second tranche in one or more advances not to exceed the principal amount of $2.0 million may be issued on or before March 31, 2022.

Additionally, subject to TSX Venture Exchange approval and the consent of BTR, Bitcoin Well may request a third tranche in one or more advances from BTR not to exceed the principal amount of $1.5 million on or before June 30, 2022.

Filed Under: News Tagged With: Bitcoin Well

 
 
 
 

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

 
 
 
 

Email Newsletter

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Founding Sponsors

Recent Posts

  • TD Bank Launches TD Insurance for Business in Canada
  • The Most Cost-Effective Channel for New Customer Acquisition
  • Tabit To Offer Buy Now, Pay Later Option to Lenovo B2B Customers in Canada
  • Prospering GoPeer an Early Adopter of FICO Score Open Access Program
  • Ontario Takes Fintechs To Amsterdam for Money20/20 Europe Conference

Copyright © 2023 Incubate Ventures | Privacy