EDMONTON, Alberta, March 28, 2023 (GLOBE NEWSWIRE) — Bitcoin Well Inc. (“Bitcoin Well” or “Company“) (TSXV:BTCW; OTCQB:BCNWF), the non-custodial fintech business that future-proofs money by making bitcoin useful for ordinary people, today announced the launch of Bitcoin Well Infinite and that it has entered into an agreement to offer its non-custodial bitcoin services in the United States of America.
Launch of Bitcoin Well Infinite
Bitcoin Well Infinite is designed as a one-stop shop for individuals, businesses and family businesses who want to work with a knowledgeable bitcoin partner to have convenient access to deep liquidity, convenient payment options and education on how to care for their bitcoin .
“Bitcoin Well Infinite is a service that is needed now, more than ever,” said Adam O’Brien, founder and CEO of the company, “while buying and selling bitcoin in large quantities is not a unique product offering, designing a service around themselves. -storage and bitcoin education is something that has been lacking. Individuals understand the value in self-storage of bitcoin, and we are ready to close the knowledge gap that prevents them from doing so.”
You can find a complete depth of service at bitcoinwell.com/infinite. Our Bitcoin Well Infinite offering will be available in the US as part of our US expansion.
Bitcoin Well expands to the US
Bitcoin Well has entered into an agreement with a partner to offer its non-custodial bitcoin services to customers in the US with a target launch date of Q2, 2023. The agreement stipulates that Bitcoin Well will take advantage of the partner’s licensing, banking and liquidity relationships to be able to provide a seamless customer experience to buy, sell and eventually use bitcoin in the US.
“This is an exciting partnership that allows us to expand our company’s reach,” Adam said of the international expansion. “This expansion into the US comes alongside the launch of Bitcoin Well Infinite. We’re taking 10 years of experience running and scaling a non-custodial bitcoin business in Canada and bringing that expertise to the US.”
As always, Bitcoin Well customers in the US will benefit from non-custodial practices, which ensure they are not exposed to the custody meltdowns we have seen with FTX and other custodians this year.
Investor awareness campaign
Bitcoin Well has also started an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (INN) and Stockhouse Publishing Ltd. dba Stockhouse.
INN and Stockhouse are private companies headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors on www.investingnews.com and www.stockhouse.com. During 12 months of these agreements, INN and Stockhouse will contribute to increasing general awareness of the company. INN and Stockhouse do not provide Investor Relations or Market Making services. The cost of the INN promotion is CAD $50,000, with $5,000 due now, and the cost of the Stockhouse promotion is CAD $60,000, with $5,000 due now. The remainder of these contracts are due in full on or before September 30, 2023. INN and Stockhouse currently hold no securities in Bitcoin Well, and no shares will be issued as consideration for these contracts. These agreements are subject to Exchange approval.
Other updates
The Company has also granted stock options (“Options”) to its newest director, Allen Stephen, to purchase up to a total of 328,201 common shares (“Common Shares”) in the Company as compensation, in accordance with the standard compensation agreement for all directors. The options will be granted at an exercise price of $0.06 per ordinary share. Half of the options will vest on the first anniversary of the grant date and half will vest in quarterly installments during the second year. The options will expire after five years from 28 March 2023. The allocation of options was made in accordance with the company’s existing stock option plan and the guidelines of the TSX Venture Exchange.
Finally, on March 28, 2023, Bitcoin Well issued a secured convertible bond of up to $0.4 million to refinance a portion of the existing bitcoin-denominated debt, allowing Bitcoin Well to further reduce non-cash fluctuations in its balance sheet. At the option of the holder, the principal amount of the Convertible Notes may be converted into common shares of Bitcoin Well (the “Common Shares”) at a conversion price of $0.15 per common share, with a required four (4) month holding period, subject to TSXV review and acceptance. Bitcoin Well has the right to require the Holder to convert any portion of the Principal Amount into Common Shares at any time where the current market price of the Common Shares equals or exceeds $0.30 for a period of ten (10) consecutive trading days. No finder’s fees shall be payable in connection with this issuance. The convertible bond bears an interest rate of 8% + the Bank of Canada policy rate per annum and matures on March 28, 2026.
About Bitcoin Well
Bitcoin Well deals in future-proof money. We do this by making bitcoin useful to ordinary people to give them the convenience of modern banking and the benefits of bitcoin. Our existing Bitcoin ATM and Personal Services business unit drives cash flow to help fund this mission.
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Bitcoin Well Contact Information
To book a virtual meeting with our Founder and CEO Adam O’Brien, please use the following link:
For additional investor and media information, please contact:
Tel: 1 888 711 3866
[email protected]
Neither the TSX Venture Exchange nor the Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
Certain statements in this press release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, or the negatives thereof and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to deviate significantly from those expected in such forward-looking information.
The actual results of Bitcoin Well may differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no guarantee can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
All forward-looking information in this news release represents Bitcoin Well’s expectations as of the date hereof and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
For more information, see the cautionary note regarding forward-looking information contained in Bitcoin Wells’ Quarterly Management’s Discussion and Analysis.
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