Arlington, VA – (Marketwired – Feb 22, 2016) –BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused companionship which secures the blockchain through its transaction verification services business, management demonstrates their commitment to execute on key milestones yesteryear voluntarily escrowing 24 i one 1000 thousand founder shares of their BTCS mutual stock holdings valued at or then $2.14 i one 1000 thousand equally of Feb 19, 2016.
Should the Company neglect to closed its pending merger amongst Spondoolies-Tech Ltd. (“Spondoolies”), one-half the escrowed shares (12 million) volition last returned to the Company for cancellation for no consideration. The remaining one-half of the escrowed shares (12 million) volition last returned to the Company for cancellation for no consideration should it neglect to consummate an upwardly listing to a major commutation such equally the Nasdaq or NYSE.
“Michal as well as I are extremely confident inward our might to consummate these key strategic milestones good inside the timetable established inward the escrow agreement,” stated Charles Allen, CEO of BTCS. “Voluntarily placing shares representing 15% of the Company inward escrow nether the damage outlined shows how committed nosotros are to executing on our plans as well as the futurity increment of the Company.”
Allen continued,
“Blockchain technologies are laid to revolutionize transaction based trouble organisation globally, as well as BTCS is well-positioned to last a leader inward the space. Research from Goldman Sachs as well as analysis yesteryear leading publications such equally The Economist forecast blockchain technologies volition piece of occupation out a meaning multi-billion dollar marketplace seat opportunity. We’ve focused on edifice a rigid foundation to capitalize on this opportunity, as well as we’re straightaway laid upwardly to reap the rewards.”
The escrowed shares, representing 15% of BTCS shares outstanding, are personal holdings of Charles Allen, CEO, as well as Michal Handerhan, COO. The shares volition rest inward escrow until the completion of each respective milestone or Dec 31, 2016, whichever comes first.
Full details of the portion escrow understanding are available inward the Company’s 8-K filed amongst the Securities as well as Exchange Commission on Feb 22, 2016.
About BTCS:
BTCS secures the blockchain through its apace growing transaction verification services trouble organisation as well as plans to stimulate a broader ecosystem to capitalize on opportunities inward this fast growing industry. The blockchain is a decentralized populace ledger as well as has the might to fundamentally behavior upon all industries on a global Blue Planet that rely on or utilize tape keeping as well as postulate trust. BTCS continues to evaluate as well as stimulate additional blockchain technology consumer solutions. BTCS likewise actively partners as well as integrates amongst strategic digital currency as well as blockchain technology companies who supply products or services that are complementary to its trouble organisation strategy.For to a greater extent than information, visit: www.btcs.com.
