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.
“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.